Landbay is targeting professional landlords with the launch of a new range of limited edition buy to let mortgages, while Mortgage Trust brings new fixed-rate loans to the market for buy-to-let purchase and remortgage customers.
Landbay’s new tracker mortgages have been designed to meet the needs of professional landlords.
Available exclusively through Landbay’s broker partners, such as Mortgages for Business, the products are offered at competitive rates to those landlords purchasing a buy to let property through a special purpose vehicle.
All products in the new range carry the same rates as those available to individual borrowers, and have no additional fees or early redemption charges (ERCs).
Highlights include a standard term tracker of 3.98%(4.3% APR) at 75% loan-to-value (LTV) and a Houses in Multiple Occupation (HMO)/Multi-Unit Freehold Blocks (MUFB) term tracker of 4.13%(4.4% APR) at 75% LTV.
Landbay requires the landlord to hold at least one property in its professional range.
John Goodall, CEO and co-founder of Landbay, said that the new range has been designed to serve the needs of the professional landlord and to help brokers build on the opportunities afforded by a cut to the Bank of England’s base rate.
“We know that speed, accessibility and flexibility are crucial for brokers, especially in times of uncertainty or market turbulence, which is why we’ve removed early redemption charges and continue to aim to give brokers a decision in principle within 48 hours.”
Mortgage Trust, meanwhile, has launched a new range of fixed-rate mortgages for buy to let purchase and remortgage.
Included in the range are five-year fixed rate mortgages at 3.29%(4.6% APR), as well as two-year fixed rates at 2.49%(5% APR) and three-year fixed rates at 3.10%(4.8% APR), all up to 75% LTV.
The lender is also launching a two-year fix at 3.69%(5.1% APR) and a three-year fix at 3.75%(5% APR), both up to 85% LTV and with no arrangement fee.
Mortgage Trust’s interest coverage ratios start at 125% at 4%.
John Heron, director of mortgages at Mortgage Trust said:
“Market volatility following the referendum has not brought good news for everyone but with rates expected to be lower for longer we have been able to deliver one of the most competitive series of products we have offered in 20 years of buy-to-let lending.”
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19th October 2016