None of the products carry early repayment charges (ERCs), a point Landbay said was central to the launch. The lender’s rationale echoes the flexibility-first approach it took when it introduced its product transfer proposition for buy-to-let brokers and landlords last year.
Why has Landbay launched these now?
Landbay said the launch reflects rising broker and landlord interest in tracker products at a time when the outlook for interest rates remains uncertain. The Bank of England held bank rate at 3.75% at its June meeting, and with no ERCs attached, Landbay said borrowers can take advantage of current pricing while keeping the option to switch if conditions change.
The PT tracker launch follows Landbay’s recent expansion into small HMO and MUFB products within its limited edition range, as well as new premier remortgage AVM two-year fixed-rate products and rate reductions across its premier range earlier in the week.
What does this mean for brokers?
For intermediaries, the widened PT offering adds another lever for end-of-deal conversations, particularly for portfolio landlords and clients in specialist HMO or MUFB structures who may otherwise have fewer options at renewal. It builds on Landbay’s broader remortgage push, including two-year fixed and tracker options added to its like-for-like remortgage range.
Rob Stanton (pictured top), sales and distribution director at Landbay, said: “We have seen a noticeable increase in broker and landlord borrower interest in tracker products over recent months, particularly in terms of securing greater flexibility and especially while there remains uncertainty over the future path of interest rates. The absence of ERCs is of course an important feature of these products because it means landlords do not have to feel locked into a particular rate if market conditions change.