Landbay has released an intermediary update. Check their Product Guide or Lending Criteria for further details or visit their Broker Portal. You can access Landbay products, using the Brilliant Solutions direct to lender mortgage club and receive payment on completion. Contact us for further information.
Product Refresh
Landbay will be making several product reductions on Monday 20th February and reintroducing products for first time landlords purchasing HMOs/MUFBs.
Rates on small HMO and MUFBs of up to six bedrooms/units have been reduced by 30 basis points on two-year fixed rates and 20 basis point on five-year fixed rates.
For standard property, there are also 15 basis points rate reductions on two-year fixed rates, down to 5.29% with a 2% fee while the 3% fee option is 4.79%.
HMO/MUFBs changes
For first time landlords buying small HMO/MUFBs up to 75% LTV, the two-year fixed rate is 5.09% and the five-year fix is 5.69%, both have a 3% fee.
The new pricing for existing small HMO/MUFBs at 75% LTV on two-year fixed rates is 4.89%, down from 5.19% with a 3% fee. The other two-year fix option has a 2% fee and a rate of 5.39%, reduced from 5.69%.
For five-year fixed rates on existing small HMO/MUFBs at 75% LTV, the options are 5.79% (from 5.99%) with a 2% fee or 5.59% (was 5.79%) carrying a 3% fee.