More Lenders Cut Rates and Rules to Win Landlord Clie...

Three more lenders have revised their buy to let mortgage range as competition continues apace to get landlord customers.

Landbay has announced rate reductions across most of its two- and five-year fixed rate products, with cuts of up to 0.10%.

The 10-basis point reduction applies to the entire two-year fixed range, excluding large houses in multiple occupation (HMOs)/multi-unit blocks (MUFBs) and tracker products. Rates now start at 4.24% at 75% loan-to-value (LTV) with a 6% fee.

The five-year fixed rate range also sees a 10-basis point cut, with rates starting at 4.74% at 75% LTV with a 7% fee. Zero-fee products are available. The exceptions in this range are large HMOs/MUFBs and two standard five-year fixed options — one with a £1,299 fee and another with a 2% fee — both reduced by 0.5%.

Meanwhile Suffolk Building Society has announced rate cuts on its expat holiday let and expat buy to let products.

The mutual is reducing rates by up to 30 bps, and extending the end dates of the deals.

The changes are on 80% LTV expat holiday let two-year fixed cut by 30 bps to 6.09% (previously 6.39%) now extended until October 31 2026; and 80% LTV expat buy to let two-year fixed reduced by 10bps to 5.99% (previously 6.09%) also extended until October 31 2026; and finally 80% LTV expat buy to let two-year fixed (3% completion fee) at 5.29%, again extended until October 31 2026.

Finally Metro Bank has enhanced the criteria on its interest only and BTL mortgages.

As part of the changes, interest only mortgages will have access to a higher loan-to-value at 80%.

For BTL customers, affordability stress rates will be at the product interest rate when a five-year fixed rate is selected or for remortgage applications where there is no additional capital raising required. The number of properties a customer can mortgage with the lender has also been increased up to 10 or up to a maximum aggregate mortgage debt of £10m, alongside updates to its income coverage ratios.

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