Landbay announces rate cuts of 5bps; Molo lowers deals by 10bps – round-up
Buy-to-let (BTL) lender Landbay has announced rate cuts of five basis points (bps) to 18 Premier products.
Premier is a range of standard and house in multiple occupation (HMO) products for borrowers with up to 15 mortgaged properties, available to both individual and limited company landlords.
The 18 products cover five-year fixed rates, available up to 75% LTV, for both purchase and remortgage including both automated valuation model (AVM) and product transfer options.
Landbay has cut rates on its purchase and remortgage five-year fixed products by 5bps, with the zero-fee option reduced to 5.4% from 5.45% and the 5% fee product reduced to 4.4% from 4.45%.
Rates on remortgage AVM five-year fixed products have also fallen by 5bps, with the 1% fee option reduced to 5.2% from 5.25% and the 5% fee product cut to 4.4% from 4.45%.
Within its remortgage free valuation range, Landbay has lowered the zero-fee five-year fixed rate to 5.44% from 5.49%, while the 5% fee option has been reduced to 4.44% from 4.49%.
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Product transfer five-year fixed rates have also been reduced, with the 1% fee option cut to 5.29% from 5.34% and the 5% fee product lowered to 4.49% from 4.54%.
This comes after a series of cuts were announced earlier this week, as well as its new remortgage AVM.
Rob Stanton, sales and distribution director at Landbay, said: “Funding conditions and pricing have continued to improve over recent weeks and, as a result, we have been keen to pass them into our product pricing.
“While markets remain capable of moving quickly in either direction, the current environment has given us another opportunity to reduce rates across a significant part of our Premier range, building on the changes we made last month to the Premier range but also building on our recent new product launches.”
He added: “Alongside competitive pricing, advisers (and their landlord clients) have told us they want greater levels of choice and flexibility, particularly as borrowers continue to review existing portfolios as well as new opportunities.”
Molo reduces BTL rates for UK residents by 10bps
Molo has reduced rates by 10bps across its UK resident two- and five-year buy-to-let (BTL) range.
Two-year fixed rates for standard BTL products now start at 2.85% at 75% LTV, while five-year fixed rates are available from 4.55%.
The reduced rates are available to both individuals and limited company landlords.
Martin Sims, distribution director at Molo, commented: “As market conditions continue to evolve, we remain committed to ensuring that our pricing remains competitive.
“These reductions keep our buy-to-let products attractive for landlord clients whilst maintaining the flexibility and specialist knowledge that brokers have come to demand of Molo.”
