Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Landbay Launches Premier Remortgage AVM Products and Cuts Premier Rates
Landbay has launched new Premier Remortgage AVM two-year fixed-rate products and made selected rate reductions across its Premier range, according to a report by Mortgage Strategy.
The new Premier Remortgage AVM products are available up to 75% loan-to-value (LTV) and offer four two-year fixed-rate options with fee structures of zero, 1%, 3%, and 5%. The Premier range is designed for borrowers with up to 15 mortgaged properties and is available to both individual and limited company landlords. It includes standard and HMO (House in Multiple Occupation) products.
Highlights of the new two-year fixed-rate products, available up to 75% LTV, include a 3.34% rate with a 5% fee and a 5.84% rate with zero fee. Landbay has also reduced rates on two-year fixed-rate product transfer and like-for-like remortgage options by five basis points, now available at 3.34% with a 5% fee and 5.84% with zero fee. Additionally, a new product transfer two-year fixed-rate product is available at 3.39% with a 5% fee.
For landlords interested in small HMO properties, Landbay has reduced selected Premier Small HMO five-year fixed-rate products by five basis points, including product transfer options. These include a 4.79% product with a 5% fee and a 5.59% product with a 1% fee.
These changes may be relevant to letting agents and inventory clerks working with landlords seeking competitive remortgage and product transfer options for both standard and HMO properties.
Source: Mortgage Strategy