More buy to let lenders roll out rate reductions

Three leading buy to let lenders – Landbay, Fleet Mortgages and ModaMortgages – have introduced changes to their BTL mortgage offerings, aimed at supporting landlords with lower rates and enhanced incentives.

Landbay has reduced its rates by 0.25% across its non-portfolio range, tailored for landlords owning up to three mortgaged properties.

This range, featuring five-year fixed rates starting at 4.09% up to 75% loan-to-value (LTV), offers both an automated valuation model (AVM) and standard valuation options.

Also, Landbay’s standard five-year fixed rate products at 55% LTV now start at 4.19%.

Rob Stanton, the lender’s sales and distribution director, said: “It’s great to be able to bring reductions to our non-portfolio range, which remains hugely popular as it answers a clear need and demand in the market.

“For the health and prosperity of the private rented sector, we absolutely need to be supporting landlords of all shapes and sizes, and equipping advisers with the broad product range that enables them to deliver the value that they offer.”

Fleet unveils rate cut and cashback deal

Fleet Mortgages has trimmed its BTL rates by 15 basis points on its five-year fixed-rate products for houses in multiple occupation (HMO) and multi-unit freehold blocks (MUFB) at 75% LTV.

Its £3,999 fixed-fee product now stands at 5.54%, while the zero-fee option is priced at 5.74%.

Fleet has also introduced a £1,000 cashback on all completed two- and five-year HMO/MUFB fixes to offset upfront costs like valuation fees.

Landlords improving their property’s Energy Performance Certificate (EPC) rating to C or above can claim an additional £1,000 through Fleet’s Green cashback feature.

Chief commercial officer, Steve Cox, said: “We have now been able to drop pricing on these 75% LTV HMO/MUFB products, which come with both a fixed-fee or zero fee option. At the same time, we are adding a further cashback incentive.”

ModaMortgages offers lower rates

Meanwhile, ModaMortgages has expanded its BTL offerings by introducing 80% LTV zero-fee options across its core and limited edition two- and five-year products.

The lender has also cut rates on selected limited-edition products by up to 10 basis points, with two-year fixed rates starting at 3.44% and five-year fixes at 4.84%.

These products cater to diverse landlords, including first-time buyers and limited companies.

Darrell Walker, the group sales director, said: “We’re excited to be able to further expand our buy to let range by adding 80% LTV £0 fee options.

“The new option, combined with our recent launch of expanded fees, will give brokers even more choice when it comes to finding the right product for their clients.”

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