It has also enhanced product criteria across a range of services, including HMO and Expat propositions.
According to the lender, rates now start at 3.39% for a 2 year fix and 3.59% for a 5 year fix, with arrangement fees up to 75% on standard products reduced from 1.75% to 1.5%.
The following criteria enhancements are also in place:
- Maximum age at end of term has increased from 80 to 85 years
- First-time HMO purchase buy to let experience requirement has reduced from 24 to 12 months
- Expatriates can now borrow via a UK Limited Company
- Self-employed expatriates will now be considered, providing a minimum income of £60,000 sterling equivalent and employed expatriates are no longer required to work for a multi-national company.
All products are available through Landbay’s approved distributor partners: Atom, Brightstar, Complete fs, Connect Mortgages, Mortgage for Business, The Buy to Let Business and TBMC.
Paul Brett – Managing Director of Intermediaries at Landbay 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.”
Ying Tan MD, The Buy to Let Business and Buy to Let Club, two of Landbay’s key distribution partners, added: “Landbay is rapidly making a name for itself in the specialist buy to let market. Its criteria covers many scenarios, including trading companies, and new build flats and its team has the experience and knowledge to view a case on its own merits. The Buy to Let Business and Buy to Let Club will continue to work closely with Landbay moving forwards.”
