LANDBAY is cutting the rates of nine of its products to remain competitive in the buy-to-let market.
The peer-to-peer lender announced on Monday that it has cut the rate of its most popular product – its standard five-year fix – so that it now starts at 3.35 per cent.
The decrease is part of a planned adjustment to 16 products, nine of which see a reduction in rates, refreshing the range for professional landlords.
“It’s crucial to keep our finger on the pulse of the buy-to-let marketplace and today’s suite of product changes will keep our offering as competitive as possible,” said Paul Brett, managing director of intermediaries at Landbay.
“As part of our refresh, we’re delighted to cut the rate of our most popular product with the aim of helping our broker partners support even more landlords.”
Other recent changes at Landbay include the increase of its maximum loan size to £2m and the extension of the maximum loan term from 25 to 30 years. It also refreshed its product range in July, cutting rates and fees.
In July, the London-based firm announced that it had secured a £1bn funding line from a City institution to scale up its lending.