BTL lender also cuts rates across non-portfolio range
Buy-to-let lender Landbay has rolled out enhancements to its product transfer (PT) offering while also reducing rates on its non-portfolio product range.
Landbay’s product transfer upgrades include the introduction of additional borrowing and overpayment features. Landlords refinancing can now request extra funds during the PT application, subject to product criteria. Overpayments can also be made up until the completion of the transfer.
To streamline processes further, the lender has integrated background portfolio uploads into the application workflow, easing stress testing requirements. Since launching in February, Landbay’s PT range has gained traction among brokers, offering competitive rates, no legal fees, and support for various property types, including houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
“From launch, we were clear that we would continue to develop our PT range to make sure it delivers as much value as possible,” said Rob Stanton (pictured), sales and distribution director at Landbay. “Adding both overpayments and additional borrowing is a clear example of this and an important next step. It means we can equip brokers with a product range that allows them to best serve their landlord clients as they come to refinance.”
Meanwhile, the lender has also cut rates by up to 0.15% on its non-portfolio five-year fixed rate products, aimed at landlords with three or fewer mortgaged properties. New rate options include a five-year fixed at 4.84% up to 55% LTV with a 3% fee, and standard five-year fixed rates starting at 4.39% up to 55% LTV.
All products are available with Landbay’s variable fee structure, designed to enhance affordability. Brokers can compare options using the company’s upgraded BTL affordability calculator.
“It’s fantastic to bring to market rate reductions and new products in our ever-popular non-portfolio range,” Stanton said. “This is an important segment of the market that absolutely needs support from lenders, so it is great to be able to assist our broker partners further in meeting this growing demand.
“Our activity this week is a clear example of our commitment to support the buy-to-let market. Not only are we making sure our products remain competitive, but our product range is broad enough to support landlords of all sizes and can help with both new purchases and refinancing. As ever, we continue to explore every opportunity to improve and expand our range to benefit our broker partners and their landlord clients.”
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