ModaMortgages has cut its rates by up to 15 basis points on selected 75% loan-to-value (LTV) standard and houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) buy-to-let (BTL) products.

 The lender’s range includes standard two-year fixed rate 75% LTV products at 3.44% and standard five-year fixed rate 75% LTV products at 4.94%. 

 Rates for its small HMO and MUFB products, which are suitable for properties with up to six bedrooms or units, now feature two-year fixed rate 75% LTV products at 3.54% and five-year fixed rate 75% LTV products at 5.04%.

ModaMortgages group sales director Darrell Walker says: “We’re pleased to announce we’re further able to support landlords with rate reductions of up to 15bps on selected 75% LTV BTL products.”

 “This latest reduction shows just how committed we are to making sure brokers have the products they need to help meet their clients’ buy to let aspirations at their disposal.”

Landbay has reduced rates by up to 0.15% across its popular non-portfolio range of products.

The reductions are available on non-portfolio standard and AVM-supported five-year fixed rate products.

The lender has also added a five-year fixed rate option to the range, available at up to 55% LTV, with a rate of 4.84% and a 3% product fee.

In addition, there are new standard five-year fixed rate options, also available at up to 55% LTV and rates starting at 4.39%.

Product highlights include a non-portfolio standard and AVM five-year fixed at 75% LTV with a rate of 4.29% and a 6% fee, non-portfolio standard and AVM five-year fixed at 75% LTV with a rate of 5.09% and a 2% fee.

There is also a non-portfolio standard five-year fixed at 55% LTV with a rate 4.84% and 3% fee and a standard five-year fixed at 55% LTV with a rate of 4.39% and 6% fee.

Landbay sales and distribution director Rob Stanton says: “Following new innovation in our product transfer range, it’s fantastic to bring to market rate reductions and new products in our ever-popular non-portfolio range.”

“This is an important segment of the market that absolutely needs support from lenders, so it is great to be able to assist our broker partners further in meeting this growing demand.”

Yesterday, Moneyfacts revealed that average mortgage rates are falling by much smaller margins in June compared to last month, while overall choice of mortgages fell slightly alongside a drop in the average shelf-life of a mortgage.