According to the lender, the product includes a free valuation for standard properties valued up to £400k. A 3.39% 5-year fixed-rate, for loans up to 300k (max LTV 75%), and comes with a 1.5% product fee.
The product will be available to buy-to-let landlords via intermediaries using either Landbay’s Packager partners or their extensive panel of Networks or Mortgage Clubs, including recent additions such as The Financial Intermediary & Broker Association (FIBA) and Mortgage Intelligence.
The launch comes at a time of significant growth for Landbay, which saw a 200% rise in lending volumes in 2019 supported by a £1 billion institutional funding agreement last summer.
Paul Brett, Managing Director of Intermediaries at Landbay, commented: “We are committed to remaining as competitive as possible in an ever more specialist buy-to-let market. We’re delighted to launch a product which will directly meet the needs of landlords, and in turn, support their brokers working in the private rental sector. This is just the start of a suite of offerings we expect to make in 2020, allowing us to significantly grow our lending operation in the year ahead.”
