Landbay, the buy-to-let mortgage lender, has joined the panels of the Sesame network and PMS Mortgage Club.
Sesame and PMS brokers will have access to Landbay’s online intermediary portal, offering case tracking and the ability for property portfolios to be held on the system rather than external services.
The lender offers products for portfolio landlords, houses in multiple occupation, multi-unit freehold blocks, first-time landlords and limited companies.
Featured in the product range is an expat two-year fixed rate at 3.99 per cent for up to 70 per cent loan-to-value (LTV) and a five-year fix geared at small houses in multiple occupation or multi-unit freehold blocks at 3.75 per cent, available on up to 75 per cent LTV.
Paul Brett, managing director of intermediaries at Landbay, said the specialist lender had seen a surge in demand from landlords affected by last year’s changes to Prudential Regulation Authority underwriting rules.
The new rules introduced stricter affordability requirements and stress testing, designed to ensure landlords can afford new property acquisitions now and in the event of a rise in interest rates.
He said: "Mainstream lenders are now less well equipped to deal with complex cases, so brokers are shifting towards specialist lenders who can offer greater flexibility."
Mr Brett added: "Working with Sesame and PMS will enable us to expand our support to a wide range of brokers across the UK, and offer our services to those who would benefit from our expertise."
Stephanie Charman, specialist relationship manager at Sesame and PMS, said: "We are excited to welcome Landbay to our panel of lenders, and to work with them in the years to come -the firm’s tailored and specialist approach will be extremely valuable to our members, especially given the ever more complex buy-to-let market."
Steve Olejnik, managing director at Mortgages for Business, said the move could only be good news for Sesame and PMS members.
He said: "As the buy-to-let market continues to move away from the mainstream, brokers need access to as many specialist lenders as possible to be able to provide the right advice to their landlord clients."
rachel.addison@ft.com
