"It is great to be able to launch this new development which is a real testament to the capabilities of our in-house technology and broker platform, the talents of our team and the strength of our broad funding model"
- Rob Stanton - Landbay
Landbay has announced that it has enhanced its product transfer range by introducing two new features: additional borrowing and overpayment options.
Landlords can now request extra borrowing at the outset of a product transfer, offering added flexibility for purposes such as property upgrades or raising capital without the need for a full remortgage. The feature is subject to specific product criteria.
Overpayments can also be made during the product transfer process, with payments accepted up to completion.
In addition to the two changes, Landbay has embedded background portfolio uploads into its application process, aiming to make stress testing more efficient.
The lender’s product transfer proposition, introduced in February, has attracted strong uptake from brokers and landlord clients. It offers competitive rates, the potential to sidestep legal costs, and supports a wide range of properties, including houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
“From launch, we were clear that we would continue to develop our PT range to make sure it delivers as much value as possible," comments Landbay's sales and distribution director, Rob Stanton (pictured). "Adding both overpayments and additional borrowing is a clear example of this and an important next step. It means we can equip brokers with a product range that allows them to best serve their landlord clients as they come to refinance,"
Rob added, “Just as important, it gives brokers another reason to recommend Landbay at the outset, knowing full well the options are there to support borrowers and continue that relationship at the end of the initial term. It is great to be able to launch this new development which is a real testament to the capabilities of our in-house technology and broker platform, the talents of our team and the strength of our broad funding model.”
