Landbay has announced a restructure to its term tracker range of buy-to-let mortgages.

The specialist lender has reached rates and introduced new products to replace some of those that have been withdrawn.

Term tracker rates are down by 0.86% to 4.34% on standard products, small houses in multiple occupation (HMOs) and small multi-unit freehold blocks (MUFBs). These products are available for new-build as well as older properties, up to 75% LTV.

Landbay also confirmed that its term trackers for large HMOs and MUFBs have had rates reduced by 1.1% to 4.59%, while the LTV has been raised to 75% from 70%.

All these products track the Bank of England’s base rate, which currently sits at 1.75%, and the lender confirmed there are no early repayment charges so borrowers are free to leave whenever they like.

Landbay managing director, intermediaries, Paul Brett, commented: “These term tracker products offer flexibility as well as competitive pricing, while offering borrowers the opportunity to remortgage to another product at any stage without penalty if they wish.”

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