BUY-TO-LET specialist Landbay has refreshed more than thirty of its products for professional landlords, reducing rates by up to 0.6 per cent and cutting fees up to 0.5 per cent.
Landbay has reworked a number of products including fixed and tracker products across standard properties, small and large housed in multiple occupation and multi-units, and its expat lending offering.
These will be available to buy-to-let landlords via their brokers and through the mortgage lender’s network and club partners, with recent additions including The Mortgage Compliance & Insurance Club and The Right Mortgage & Protection Network.
Landbay is also offering maximum loans of £2m – increased from £1.5m – for any of Landbay’s approved packager partners including Dynamo, 3mc, Brightstar, Complete, Impact, MFB, and Vantage.
“Brokers and landlords alike need access to a wider offering and more flexibility than ever before,” said Paul Brett, managing director of intermediaries at Landbay.
“This product revamp is designed to help brokers support more of their landlord clients. The increased loan size and reduced rates will ensure we remain competitive in the market. This is especially the case in more unusual cases, which are becoming ever more commonplace in the specialist world of buy-to-let.”
In April, Landbay increased its maximum loan term to 30 years from 25. The company is in a stage of growth and expansion both in terms of lending and headcount, it said on Monday, after adding to its sales team’s headcount earlier this year.
Landbay also recently commissioned an independent stress test that found its investors would still receive returns of over three per cent in an economic downturn.