Landbay unveils limited edition five-year fixed rate mortgage

Landbay has launched a new five-year fixed rate buy-to-let mortgage as it looks to grow its lending this year.

The alternative finance platform is offering a five-year rate at 3.39 per cent for landlords borrowing up to £300,000 or 75 per cent loan-to-value, which it said will be available for a limited period.

There is a 1.5 per cent product fee and it can be use for properties worth up to £400,000.

The product also comes with a free valuation.

It will be available to buy-to-let landlords through intermediaries using either Landbay’s packager partners or their extensive panel of networks and mortgage clubs.

Read more: Landbay secures £1bn institutional funding line

“We are committed to remaining as competitive as possible in an ever more specialist buy-to-let market,” Paul Brett (pictured), managing director of intermediaries at Landbay, said.

“We’re delighted to launch a product which will directly meet the needs of landlords, and in turn support their brokers working in the private rental sector,”

“This is just the start of a suite of offerings we expect to make in 2020, allowing us significantly grow our lending operation in the year ahead.”

It follows Landbay’s exit from the retail P2P lending market last year as it focuses on institutional funding.

The platform reported a 200 per cent rise in lending volumes in 2019.