Landbay has launched five new product transfer tracker products across its core and specialist ranges.
Core products are available for portfolio landlords, with options for individuals and all corporate structures, while specialists offer flexible products for more specialist properties, including HMOs and MUFBs.
The new additions include three key two-year tracker product transfer products, in addition to new two-year trackers for both specialty small HMO and small MUFB.
Within its core range, Landbay is launching a 65% Loan-to-Value (LTV) product with a 3% fee at the bank’s base rate (BBR) plus 1.49%, and two 75% LTV products, one with a 2% fee and an interest of BBR plus 2.24%, and one with a 3% fee at BBR plus 1.74%.
In its specialist range, the lender is launching a small HMO product with an LTV of 75% with a fee of 3% at BBR plus 1.74%, and a small MUFB, again up to 75% LTV, with a fee of 3% and a rate of BBR plus 1.74%.
The buy-to-let lender says the launch of the new products came directly from increased interest from agents and landlords in tracker products.
Land Bay sales and distribution director Rob Stanton says: “We have seen a noticeable increase in interest from agents and landlords in tracker products in recent months, particularly in terms of securing greater flexibility and especially as uncertainty remains over the future path of interest rates.
“The absence of ERCs is of course a key feature of these products as it means that landlords do not have to feel locked into a particular rate if market conditions change. Should fixed rates become more attractive in the future, borrowers will have the flexibility to move without penalty.
“PTs remain an important part of the broker-client relationship, giving advice professionals more food for thought when assessing a client’s borrowing needs at the end of a deal, while deciding whether to remain with the existing lender on the most appropriate solution.
“By expanding our PT offering to both our Core and Specialist ranges, we are offering brokers more choice to help support those refinancing conversations.”