Landbay cuts rates and loosens criteria
Landbay has cut buy-to-let rates and loosened criteria as it looks to serve a wider range of specialist borrowers.
Rates start from 3.39% for a 2-year fix and 3.59% for a 5-year fix, while the lender has extended its maximum lending age at the end of the term from 80 to 85 years and changed its rules so first-time HMO purchasers only require 12 months’ experience rather than 24.
With expatriates Landbay will allow them to borrow via a UK limited company and self-employed expats will be considered as long as they earn more than £60,000 a year. Employed expats are no longer required to work for a multi-national company.
Paul Brett (pictured), managing director of intermediaries at Landbay, said: “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.”
Products are available through Atom, Brightstar, Complete FS, Connect Mortgages, Mortgage for Business, The Buy to Let Business and TBMC.
Ying Tan, managing director of The Buy to Let Business and Buy to Let Club, said: “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.”