Landbay cuts rates by up to 25 basis points, Shawbrook expands rate range – Mortgage Strategy
Landbay has reduced rates across its entire range of buy-to-let mortgages, and Shawbrook has launched new products.
At Landbay, its specialist product range saw the biggest price cuts, with mixed-occupancy small house (HMO) and multi-unit freehold block (MUFB) products seeing cuts of up to 25 basis points, now at 3.69 per cent.
These loans are valued at up to 65% and 75% and include product transfer options as well as products for first-time landlords and companies.
Holiday rental two-year fixed rates have been reduced by 20 basis points and now start at 3.99%.
In its premier range, designed for owners with up to 15 limited company properties, two-year fixed rates up to 75% LTV have dropped 10 basis points, with rates now starting from 3.39%.
Cuts also apply to product transfers.
Across Landbay’s core range, the two-year fixed rate of 75% (including product transfer) has been reduced by 10 basis points for portfolio owners with the limited company structure option.
Earlier this week, Landbay also cut rates on its five-year fixed prime product by 15 basis points.
Shawbrook has also updated its product range to offer buy-to-let landlords a wider choice of product terms and fees.
Within each product category, it offers variable and fixed rate options over two, three, five or 10 years, as well as fee options of 2%, 3% or 5%.
Shawbrook has added a new specialist ‘SB1’ product for single rentals, replacing the digital buy-to-let product.
You can choose between an automated valuation model (subject to acceptance) or a physical valuation, with rates starting from 4.59%.
It also added new SB1 HMO and MUFB products, offering mortgages for blocks of up to 10 units and HMOs with up to 10 occupants, with rates starting at 4.89%.
Returning to Landbay’s rate cut, the bank’s sales and distribution director Rob Stanton (pictured) said: “Our activity over the past few weeks demonstrates our commitment to broadening our product range and ensuring our rates remain as competitive as possible.
“Events like this are vital as landlords across the country continue to take advantage of the investment opportunities that remain in the market.
“Equally important, a significant number of homeowners are preparing to refinance and are currently reviewing their options.”
Meanwhile, Daryl Norkett, property proposals director at Shawbrook, said of its update: “This update is designed to give agents the flexibility and confidence to support a wide range of professional landlords.
“By improving our product range and expanding our product selection, we can more easily provide the right solution for every customer, whether they are investing in a single property or managing a complex portfolio.”
