According to the lender, the new tracker products have a competitive rate and will be available exclusively via Landbay’s approved broker partners, in addition to the existing suite of both Fixed and Tracker rate products.
The range will include a standard term tracker at 3.88% (LIBOR + 3.50%) with a max LTV of 75%, a HMO/MUFB Term Tracker at 3.98% (LIBOR + 3.6%) with a max LTV of 75% and an expat term tracker at 4.38% (LIBOR + 4.0%) with a max LTV: 75%
In addition, Landbay has changed it criteria to require a minimum income (from all sources) of £25,000 for employed (£40,000 equivalent from ex pats). Its minimum property values are £80,000 for standard properties and £150,000 for HMO’s.
All products are available through Landbay’s approved broker partners: Atom, Brightstar, Complete fs, Connect Mortgages, Mortgage for Business, The Business Mortgage Company, The Buy to Let Business.
Paul Clampin – Chief Lending Officer of Landbay commented: “Our new buy-to-let mortgage products have been specifically designed to serve the needs of the professional landlord and help brokers build on the opportunities currently within the market. Landbay prides itself in design products and a fast service crucial for brokers”.
