Specialist buy-to-ley lender Landbay is strengthening its like-for-like remortgage range with the addition of three new two-year tracker products.
The new products are suitable for landlords remortgaging with no change to their borrowing requirements and will be stress tested at a lower interest cover ratio (ICR) of pay rate plus 1%.
The lender has also reduced rates on its existing standard, small multiple occupation and houses in multiple occupation (HMO) and small multi-unit freehold blocks (MUFB) two-year trackers by up to 0.18%.
Landbay business development director Rob Stanton says: “With as much as £66 billion in buy-to-let mortgages still set to mature by the end of the year, expanding our remortgage offering with new two-year trackers gives intermediaries a wider portfolio to secure this business.
“Trackers will continue to play an important role, providing a flexible solution as landlords weigh up their options in the current climate.
“News of a softer stress test on like-for-like remortgage products and rate reductions will be welcome too, helping brokers increase the borrowing potential of their clients.”
