The new product range comes with varied product fee options with the goal of enabling the lender to offer lower interest rates and making the ICR requirements easier to meet for borrowers.

The new range consists of three standard five-year fixed rate products, offered up to 75% LTV and priced from 6.49%.

For small HMOs/MUFBs of up to six beds/units, rates start at 6.99%, while large HMOs/MUFBs of up to 12 beds/units are priced from 7.09%.

According to the lender, the new products are aimed at BTL borrowers who may be struggling to meet the ICR requirements stipulated by the Prudential Regulatory Authority due to rising mortgage rates.

Landbay will continue to offer its existing fixed-rate products and tracker mortgages alongside the new range.

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Paul Brett, managing director of intermediaries at Landbay, (pictured above), explained: “The mortgage industry is having to get used to a new, higher interest rate environment, moving from a 13-year era of historically low rates.

“Rental property is a vital part of the housing mix in the UK, we will continue to work hard to find solutions that mean people can still borrow for this reason.

“Although fees are now higher it means that we can keep rates lower and landlord borrowers are in a better position to meet ICR requirements.

“If we keep fees lower and raise interest rates, monthly payments would work out similar but in many cases landlords would not meet the ICR unless they increase their tenants’ rent.

“Our new mortgage products are very competitive, and we continue to look at ways to bring innovative products to market."