BTL lender Landbay cuts rates and fees

BTL lender Landbay cuts rates and fees

Specialist buy-to-let lender LandBay has cut rates and fees across its product range for amateur and professional landlords.

Rates now start at 3.39 per cent for a 2-year fix and 3.59 per cent for a 5-year fix, with arrangement fees up to 75 per cent on standard products cut from 1.75 per cent to 1.5 per cent.

The lender has also raised the maximum age at end of term from 80 to 85 years and cut the first-time HMO purchase buy to let experience requirement from 24 to 12 months.

Expatriates are now able to borrow via a UK limited company, while self-employed expatriates with a minimum income of £60,000 and those who don’t work for a multinational company will also be considered.

All products are available through Landbay’s approved distributor partners: Atom, Brightstar, Complete FS, Connect Mortgages, Mortgage for Business, The Buy to Let Business and TBMC.

Paul Brett, managing director of Intermediaries at Landbay, commented: “These new products offer a fantastic opportunity for brokers to help more of their landlord clients, who will be needing specialist advice and products at this time of significant regulatory and fiscal change.

“We are constantly listening to our intermediary partners and to the requirements of the market. Our rates have been reduced across the board to ensure we remain competitive whilst our criteria enables us to serve a wide range of specialist borrowers seeking a fast decision. 

“We strive to process new cases in 24 hours via our online portal and are offering cases within 48 hours of receipt of valuation. If an applicant needs speed, then I believe Landbay should be their first choice.”

Tony Salentino, director at Southampton-based Complete FS, said: “Any lender that is looking to reduce rates and make it much more affordable to the borrower is good news, and if they can back that up with good service and a commercial view - to be able to do that is a positive move.”

He added that the move, along with the recent appointment of Paul Brett as managing director, intermediaries, would serve to further enhance Landbay’s appeal to brokers.