Landbay has launched a new five-year fix at a rate the buy-to-let lender says is the UK’s lowest of its type.

Available at up to 50 per cent LTV on standard properties only, the fix comes at 2.99 per cent and charges a 1.5 per cent product fee.

The maximum loan size is set at £1m, the lender adds, and the interest coverage ratio is calculated at payrate.

Landbay managing director Paul Brett says: “This is the only five-year fixed rate buy-to-let mortgage for limited companies that is under 3 per cent.

“This should be positive news for brokers and landlords as Landbay is at the forefront of driving down rates and making BTL ever-more affordable at a time when landlords most need it to be.”