Landbay has bolstered its like-for-like remortgage range with a series of new two-year products, following its recent launch of new lower stress testing.
Joining the range are two standard two-year fixed rate options, available at 65 and 75% loan to value (LTV), with rates starting at 4.54% with a 5% fee. Two-year standard tracker options are also available with no early repayment charge (ERC) and a 5% fee. These too are available at 65 and 75% LTV, with rates starting at 0.24% plus bank base rate (BBR).
The new products are suitable for those landlords with no changes to their current borrowing requirements. They benefit from Landbay’s new lower stress testing for enhanced affordability, which stress tests at payrate, rather than the standard calculation of pay rate plus 2%.
This change to affordability calculations has already proven popular and has generated much positive feedback from brokers and their clients.
The new additions to the like-for-like range, along with all of Landbay’s products can be viewed and compared using the lender’s buy-to-let affordability calculator.
Products now include:
- New Like for Like Standard two-year fixed 65% LTV @ 4.54% 5% Fee
- New Like for Like Standard two-year fixed 75% LTV @4.84% 5% Fee
- New Like for Like Standard two-year tracker (No ERC) 65% LTV @ 0.24% + BBR 5% Fee
- New Like for Like Standard two-year tracker (No ERC) 75% LTV@ 0.49% + BBR 5% fee
Rob Stanton (pictured), sales and distribution director at Landbay, said: “Following high demand and positive feedback on our new reduced stress test, we’re thrilled to be able to enhance our like-for-like range further with new fixed and tracker options. While the new products bolster the toolkit of our broker partners, the enhanced affordability calculation gives some much-needed breathing space to those landlords remortgaging onto a higher rate than before.
“It proves to be a popular option for those thinking short-term and do not require any capital raising. It comes at the right time too as we continue to see high levels of remortgage activity across the buy-to-let sector. It’s all part of our ongoing commitment to meet the demands of the market, remain competitive and support our broker partners.”