Specialist buy to let lender LandBay has revamped their product range for professional and amateur landlords aiming to capitalise on their need for ‘specialist help and advice’ amidst regulatory change.
The lender now offers rates starting 3.39 per cent for a 2-year fix and 3.59 per cent for a 5-year fix, with arrangement fees up to 75 per cent for all on standard products which have been cut from 1.75 per cent to 1.5 per cent.
Landbay have also widened the net of customers able to benefit from their products.
The lender cut the first-time HMO purchase buy to let experience requirement to 12 months from 24. It has also raised the maximum age at end of term from 80 to 85 years.
Expatriates will now be able to borrow via a UK limited company. The products will also be open to self-employed expatriates with a minimum income of £60,000, whilst those who don’t work for a multinational company will also be considered.
The aforementioned products are available through Landbay’s approved distributor partners which comprise of Atom, Brightstar, Complete FS, Connect Mortgages, Mortgage for Business, The Buy to Let Business and TBMC.
Managing director of Intermediaries at Landbay, Paul Brett, commented: ‘These new products offer a fantastic opportunity for brokers to help more of their landlord clients, who will be needing specialist advice and products at this time of significant regulatory and fiscal change. We are constantly listening to our intermediary partners and to the requirements of the market. Our rates have been reduced across the board to ensure we remain competitive whilst our criteria enables us to serve a wide range of specialist borrowers seeking a fast decision. We strive to process new cases in 24 hours via our online portal and are offering cases within 48 hours of receipt of valuation. If an applicant needs speed, then I believe Landbay should be their first choice.’
Director at Southampton-based Complete FS, Tony Salentino, praised the reformed products: ‘Any lender that is looking to reduce rates and make it much more affordable to the borrower is good news, and if they can back that up with good service and a commercial view – to be able to do that is a positive move.’