Landbay has broadened its product transfer service and lowered rates across its buy-to-let (BTL) range by up to 0.4%.
In its large house in multiple occupation (HMO) and multi-unit freehold block (MUFB) range, pricing starts from 5.89% for a five-year fixed rate up to 75% loan to value (LTV).
Small HMO products – available at up to 80% LTV – have been lowered by as much as 0.3%, with a five-year fixed rate deal now starting at 6.59%.
Large HMO and MUFB deals have been added to its product transfer range, which launched earlier this month, giving increased choice for landlords.
The BTL product transfer “bring[s] new efficiencies and greater options for brokers and their landlord clients”.
The range offers brokers a “fully digital and automated application process”, and landlords benefit from no legal costs and an automated or Royal Institution of Chartered Surveyors (RICS) valuation.
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Rob Stanton, sales and distribution director at Landbay, said: “Following the launch of product transfers, we’re pleased to be announcing further rate reductions across our product range. Our HMO/MUFB range remains a popular part of our offering, helping landlords jump on investment opportunities and answer growing demand nationally for this much-needed property type.
“Cuts of as much as 0.4% demonstrates our commitment to ensuring our product range is competitive as possible, while expanding our product transfer range this early on shows we’re not shy to make improvements to best support our broker partners and their clients. Whether clients are buying or refinancing, we want to make sure that Landbay is able to offer a broad and diverse product range to give brokers the options they need.”
Paragon lowers rates
Paragon has lowered rates on its switch and further advance products by up to 0.46%.
Its two-year fixed switch rates begin from 4.59% with a 3% fee, going up to 6.09% with no fee.
Five-year fixed rate switch deals are priced from 5.39% subject to a 3% fee, rising to 5.99% with no fee.
James Harrison, Paragon Bank’s mortgages product manager, said: “The high level of switching that we’ve seen over the past few years is set to continue this year, as lots of mortgages are due to mature.
“Taking advantage of the particularly low rates on offer during the pandemic, a large number of landlords committed to five-year fixes, so these mortgages are almost certainly maturing in a higher rate environment. Conversely, those who opted for shorter two-year terms when rates were much higher in 2023 will likely be pleased to see products are now comparatively cheaper. Reducing our switch products across two- and five-year terms will provide more options for landlords.”
Harrison added: “We often see landlords borrow extra funds when they refinance, so we’re also offering some competitive further advance products, which will appeal to those looking to expand their portfolios or invest in improving the properties they already own.”
Aldermore adds limited-edition BTL deals
Aldermore has brought out a range of limited-edition two-year BTL products to increase landlord choice.
For individual and company landlords with single residential investment properties, there will be a two-year fixed rate up to 75% LTV of 4.59% with a 3% fee. A rate of 4.49% applies if the property has an Energy Performance Certificate (EPC) rating of A, B or C.
For multi-property for individual and company landlords with residential investment properties, the lender has released a two-year deal up to 75% LTV, priced at 4.54% with a 3% fee.
Jon Cooper, director of mortgages at Aldermore, said: “We’re always on the lookout for ways to offer brokers and their clients the best deals possible. These new limited editions give landlords compelling two-year options in what’s an increasingly competitive rate environment.”
