Landbay has updated its five-year fixed rate buy-to-let (BTL) range with the introduction of lower loan-to-values (LTVs) and rates now starting at 4.39%.

The updated five-year fixed rates are for standard properties.

The lender has brought in new LTVs of 55% and 65% on loans up to £1.5m, in addition to the existing 75% LTV products which have a new maximum loan size of £1m, increased from £500k.

There is a variable fee structure from 2% to 7% on selected products.

Highlights of the standard five-year fixed rates include:

• 55% LTV @ 4.39% – 7% fee • 55% LTV @ 5.39% – 2% fee • 65% LTV @ 4.49% – 7% fee • 65% LTV @ 5.49% – 2% fee • 75% LTV @ 5.09% – 5% fee • 75% LTV @ 5.69% – 2% fee

Landbay managing director of intermediaries Paul Brett comments: “As we settle into 2023 we have again been able to bring mortgage rates down plus we have expanded out LTV range.”

“We are talking a bold step in having products with fees up to 7% but it is in response to broker feedback for flexibility around the interest cover ratio (ICR). Brokers who understand the buy-to-let market will know which rate/fee combination is right for their clients.”

“The choice of rates and fees will allow more landlord borrowers to pass the ICR calculation requirements, especially for basic rate taxpayers as we lowered the ICR last week to 125% from 140%.”