Landbay has launched its new range of specialist resort-made small multi-unit freehold blocks (MUFB).
The bank has launched four two- and five-year fixed-rate products as part of its specialist product range.
The LTV of these new products is as high as 75%, including:
• Five-year fixed rates are 5.49% (subject to 5% fee), and 5.89% (subject to 3% fee)
• Two-year fixed rate is 4.39% (plus 5% fee), 5.39% (plus 3% fee)
Landbay also offered rate cuts of up to 10 basis points on its main standard two- and five-year fixed-rate products, which also cover product transfers and like-for-like remortgages.
Premier is a range of standard products available to landlords with up to 15 properties and is available to individual and limited company landlord borrowers.
Landbay has reduced prices on the following Premier products:
• The five-year fixed rate is now 4.84% and the two-year fixed rate is now 4.79%. Charge 1% and get up to 75% LTV.
• The five-year fixed rate is now 4.04% with a fee of 5%; the two-year fixed rate is now 3.29% with a fee of 4%. Again, LTV is as high as 75%
• Comparable two-year fixed rate now at 4.29% (stressed at 4.5%), with a 2% fee and an LTV of up to 75%
Rob Stanton (pictured), sales and distribution director at Landbay, said: “These four new specialist holidays allow the small MUFB offering to provide agents and their clients with greater depth of product range in a growing industry, as landlords seek to diversify and enter those areas of the market that can deliver higher yields and profitability.
“We are also able to add a 5% overpayment feature across our entire range of buy-to-let mortgages, allowing customers to benefit from this greater flexibility if they have spare money to put towards their mortgage.”
It comes after Landbay cut buy-to-let mortgage rates across its range in October.
