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 and Nottingham Lower Buy-to-Let Mortgage Rates
Landbay has reduced buy-to-let mortgage rates by up to 35 basis points, while Nottingham Building Society will lower landlord deals by up to 15 basis points from tomorrow. These changes affect a variety of products aimed at UK landlords, including those managing houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Landbay's rate cuts apply across its Premier, Core, and Specialist buy-to-let ranges, with rates now starting from 3.44%. The lender has also introduced eight new 65% loan-to-value (LTV) Specialist products for small HMOs and MUFBs, and expanded its Tier 2 criteria for landlords with minor credit issues.
Within Landbay's Premier range, two-year fixed rates at 75% LTV have been reduced by 15 basis points across 15 products, starting from 3.44%. Five-year fixed rates have been cut by 5 basis points across 19 products, with rates starting from 4.69%. Small HMO rates have also been reduced by up to 15 basis points.
In the Core range, two- and five-year fixed rates have been lowered by up to 35 basis points. Specialist small HMO and MUFB rates have also seen reductions of up to 35 basis points. Holiday let rates have dropped by up to 25 basis points, and trading company products by up to 15 basis points.
Nottingham Building Society will launch new limited edition buy-to-let products tomorrow, with rates up to 15 basis points lower than its current offerings.
These changes may be relevant to letting agents and inventory clerks working with landlords seeking new or more competitive mortgage products.
Source: Mortgage Strategy