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Landbay Launches Premier Remortgage AVMs and Cuts Rates; GB Bank Reduces BTL Rates

Landbay has launched new remortgage automated valuation model (AVM) two-year fixed products within its Premier range and reduced selected rates. GB Bank has also reduced its core buy-to-let (BTL) product rates at 65% loan to value (LTV).

Landbay’s Premier range now includes AVM-based two-year fixed products for standard and house in multiple occupation (HMO) properties, available to both individual and limited company landlords with up to 15 mortgages. The new products are available up to 75% LTV and offer four fee structures: zero, 1%, 3%, and 5%. According to Landbay, choosing an AVM product allows landlord borrowers to obtain a mortgage offer up to three times faster than standard products and potentially save up to £500 per case. Product rates range from 3.34% with a 5% fee to 5.84% with no fee, and options include product transfer and like-for-like remortgage.

Additionally, Landbay has introduced a new two-year fixed product transfer at 3.39% with a 5% fee. Selected Premier small HMO five-year fixed rates have been reduced by 0.05%, including a product at 4.79% with a 5% fee and 5.59% with a 1% fee.

GB Bank has reduced its core BTL product rates at 65% LTV by 0.3% across two-, three-, and five-year fixes. The two-year fixed rates now start from 4.39% with a 5% fee or 5.39% with a 3% fee. Three-year fixed rates start from 4.77% and 5.77% respectively, and five-year fixes from 5.53% and 6.13%. Rates at 65% LTV remain unchanged for other products.

GB Bank’s bespoke proposition at 65% LTV, for loans above £3 million, has also seen reductions. The lender will consider applications from first-time landlords, professional landlords, limited companies, and special purpose vehicles (SPVs), as well as HMOs, multi-unit freehold blocks (MUFBs), mixed-use properties, and complex overseas structures. Affordability is assessed on a minimum interest cover ratio (ICR) of 125% for basic-rate taxpayers, limited companies, or SPVs, 145% for higher-rate taxpayers, and 130% for foreign nationals and expats. The bank will lend to worldwide residents, subject to exclusions, with no UK residency required, and clients must hold a UK bank account. There is no minimum income or UK property ownership requirement, and bespoke loans are available up to £20 million and 75% LTV for eligible cases.