BUY-TO-LET specialist Landbay is increasing its maximum loan term from 25 years to 30 years.
The mortgage lender said that the increased term time is part of the firm’s ongoing expansion strategy, and added that it hopes the new loan term limit will help brokers and borrowers to get the specialist solutions that they need.
“We are constantly listening to our intermediary partners to understand the needs of the clients,” said Paul Brett, managing director of intermediaries at Landbay. “This product enhancement is a direct response to those needs, and we are pleased to be able to offer even more flexibility to brokers and their landlord clients.”
The increased term time will come into effect from 1 May, and it will apply to all of Landbay’s products, including those products which are available through Landbay’s approved distributor partners.
Landbay has hit a number of lending milestones recently. In March, a new head of mortgage networks and clubs was announced, in an effort to boost the firm’s distribution channels. This was followed by the announcement that the lender has joined the Right Mortgage & Protection Networks panel in an effort to further increase its reach.
Earlier this month, Landbay also bolstered its sales team with three new regional hires. Helen McKinney was named head of sales for the southern region, while Ian Hall and Rob Stanton were promoted to head of sales roles for their respective regions in the North and the Midlands.