Landbay has lowered stress testing requirements on its like-for-like remortgage range.

For landlords with no changes to their current borrowing requirements, the like-for-like product range offers four different two-year fix options.

The revised range is stress tested at pay rate instead of the standard calculation of pay rate plus 2%.

The products offer variable fees with rates starting at 5.24% and are available with up to 75% loan-to-value (LTV).

The range supports a minimum loan size of £30,000 and a maximum of up to £1.5 million.

Following the recent drop in swap rates, the buy-to-let (BTL) lender has reduced rates by 0.10% across its product range, including its five-year fixed rates, which now start at 4.74% at 75% LTV.

Rates for two-year fixes on like-for-like standard remortgage products include 5.24% at 65% LTV with a 4% fee and maximum loan size of £1.5 million and 5.89% at 75% LTV with a 3% fee and a maximum loan size of £1 million.

Other rates on two-year fixes include 5.39% at 75% with a 4% fee and a maximum loan size of £1 million and 5.74% at 65% LTV with a 3% fee and a maximum loan size of £1.5 million.

Landbay sales and distribution director Rob Stanton comments: “We’re still seeing high levels of mortgage maturity in the BTL market, with many landlords making the move onto a higher rate than their current deals. While we cannot escape stress testing requirements, we can use the tools at our disposal to help alleviate some of the pressures landlords will face when the affordability calculation is applied.”

“As landlords continue to try and navigate the market and predict the future path of interest rates, we fully expect two-year rates to remain incredibly popular.”