Landbay has expanded its Scottish buy-to-let offer with 12 new products from its Core range, aimed at portfolio landlords.
The products are two- and five-year fixed rates, available up to 75% LTV, for landlords buying or remortgaging standard residential investment properties. Some use automated valuation models (AVMs), while others are non-AVM alternatives, and the range offers a choice of fee structures.
Core also lends to landlords who hold property through Special Purpose Vehicle (SPV) company structures. Landbay sets no portfolio limit on the range, which gives landlords with larger portfolios more borrowing options.
On pricing, Core AVM two-year fixed rates start at 4.74% with a 5% fee, and a 5.74% option carries a 3% fee. Five-year Core AVM fixed rates start at 5.64% with a 6% fee, while a 5.84% option comes with a 5% fee.
The launch follows Landbay’s introduction of its Premier range into Scotland in March, and the Core products will sit alongside it. Landbay also appointed Daniel Bell last month as business development manager for Scotland, North Yorkshire and the North East.
Landbay said the Core additions give Scottish advisers a wider selection of products and lending criteria. The lender says this lets it support landlords ranging from straightforward purchases and remortgages to complex company structures and larger portfolios.
“Since launching our Premier range into Scotland in March, we have been keen to build on that initial offering and provide advisers with access to more of our products and lending options,” said Rob Stanton, sales and distribution director at Landbay (pictured).
“The introduction of Core is an important next step in that process, allowing us to support a wider range of landlord borrowers and property finance requirements.”
“While Premier continues to provide options for landlords with more straightforward borrowing needs, Core gives us the ability to cater for those portfolio players, including those with more complex SPV structures and different requirements when it comes to product fees and mortgage terms,” he added. “The inclusion of AVM products is also an important part of this expansion, providing further options for eligible purchase and remortgage cases.”
“This launch also comes shortly after the appointment of Daniel Bell as our new BDM covering Scotland, giving brokers additional support as we continue to grow our presence in the market,” Stanton noted.
“Daniel brings considerable experience of working with advisers and understanding the needs of landlords, and we believe the combination of an expanded product range and BDM support puts us in a strong position to develop our Scottish business further.”
“We have always recognised that Scotland is a distinct market with its own requirements, and our approach has been to expand our offering in a considered way, ensuring we can provide the products, criteria and service that advisers want and need,” he explained.
“With Premier and Core now available alongside each other, we can offer considerably more choice to Scottish advisers and their landlord clients, and we look forward to building on this over the coming months.”
