Landbay launches ‘limited edition’ remortgage range

Buy-to-let-lender Landbay has launched five-year fixed rate remortgage products for loans between £250,000 and £500,000.

They are priced at 2.95% to 65% loan-to-value and 3.09% to 75% LTV.

For those remortgaging HMOs or MUFBs there is a 5-year fix at 3.34% to 75% LTV.

Paul Brett

Paul Brett, managing director, intermediaries at Landbay, said: “We are targeting the mid-range of loans between £250,000 and £500,000 as there will be a large amount of remortgaging over the next few months in this price bracket.

“In particular, we expect to see an increase in demand for remortgaging of HMOs and MUFBs for loans of this size.

“Five-year fixed rates are very popular with BTL borrowers, especially portfolio landlords, as the affordability stress test that is applied is the pay rate.

“This starts at 2.95% in our new remortgage range – instead of having to apply a stress test of 5.5% for two or three-year fixed rate mortgages, as prescribed by the Prudential Regulatory Authority.”

The Multi-Unit Freehold Blocks product is available up to six bedrooms or units.

These products are 0.15-0.25% cheaper than its core range, which has loans between £30,000 and £1.5m.

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