Landbay has cut rates for buy-to-let loans on houses in multiple occupation and multi-unit freehold blocks, and brought back products for first-time landlords purchasing these types of properties.
The BTL platform says rates on small houses in multiple occupation and multi-unit freehold blocks of up to six bedrooms, or units, have been reduced by 30 basis points on two-year fixed-rate offers and 20bps on five-year fixed-rate deals.
For standard properties, there are also 15bps reductions on two-year fixed-rate loans, down to 5.29% with a 2% fee, while a 3% fee option is 4.79%.
The business adds, all reversion rates for fixed-rate and two-year tracker products are down to 3.49%-plus bank base rate, from 5%-plus bank base rate, for new applications.
For first-time landlords buying small houses in multiple occupation/multi-unit freehold blocks up to 75% LTV, a two-year fixed-rate offer is 5.09%, and a five-year fix is 5.69%, both carry a 3% fee.
The new pricing for existing small houses in multiple occupation/multi-unit freehold blocks at 75% LTV on two-year fixed rates is 4.89%, down from 5.19%, with a 3% fee. The other two-year fix option carries a 2% fee and a rate of 5.39%, reduced from 5.69%.
The firm adds, a five-year fixed-rate loan on existing small houses in multiple occupation/multi-unit freehold blocks at 75% LTV, the options are 5.79%, down from 5.99%, with a 2% fee or 5.59%, reduced from 5.79%, carrying a 3% fee.
Landbay business development director Rob Stanton says: “We continue to watch the markets carefully and keep our rates as competitive as we can. Offering different fee options on our products means brokers can offer choices to landlords with varying financial needs.”
