Landbay refreshes buy-to-let product range

Alternative buy-to-let lender Landbay has unveiled a range of changes to its product range.

The platform has reduced minimum income and property value requirements and added fees to its higher loan-to-value (LTV) products.

The minimum income requirement for landlords has been cut from £25,000 to £15,000, while loans now start at £30,000 rather than £50,000.

The minimum property value for lending is now £75,000, from £120,000.

Read more: Landbay secures £1bn institutional funding line

The rate on its 80 per cent LTV five-year fixed rate has been reduced to 3.89 per cent, although fees have been added.

Landbay, which exited the peer-to-peer retail lending market last year, has also increased the maximum loan amount for 75 per cent LTV products to £2m.

“We are constantly working to improve and update the products we already have, as well as working to develop new ones, Paul Brett (pictured), managing director of intermediaries at Landbay, said.

“It is critical for us to be keeping our ear on the ground of the buy-to-let marketplace, and today’s product revamp will ensure that our customers can take advantage of the competitive propositions we have to offer.

“These changes are part of our strategy to extend our product offering to an even wider range of borrowers, helping our partners support more landlords across the country.”

Read more: Landbay reports 200 per cent rise in lending volumes