Landbay has launched two new two-year term trackers with two free five-year fixed interest rates within its premium product range.
The two main trackers are both available up to 75% loan-to-value (LTV) with no early repayment fees.
A two-year tracker, for both purchasing and refinancing mortgages, and a like-for-like refinancing-only tracker, both available at the bank’s base rate (BBR) plus 0.34% (currently 4.09%) and 3% costs.
Landbay says the new trackers would be attractive to borrowers of landlords who believe there is more room for BBR cuts over the next two years.
The lender has also added two new five-year fixed rate products with no fees available, available up to a 75% LTV.
The first is a 5.09% product on both purchase and remortgage, while the second is a product of just 5.14% on remortgage, which comes with a free valuation.
Landbay’s premium range includes standard products for landlords with up to 15 properties, available to both individual and limited landlords.
Land Bay sales and distribution Rob Stanton says: “It appears the markets are pricing in two, possibly three, further BBR cuts over the next year, but in many cases that expectation is already built into fixed rates.”
“Our new two-year trackers are therefore designed for landlords who want to see the full benefit of any base rate cuts as they happen. With no early repayment fees charged, they also give advisers and their clients the flexibility to move to a solution if the interest rate outlook changes.”
“In addition, we are adding two new five-year, no-fee fixes for landlords who prefer longer-term certainty without the expense of upfront product fees. For many customers refinancing, eliminating the fees can significantly improve cash flow from the outset.”