Landbay cuts rates and fees
Specialist buy-to-let lender Landbay has refreshed more than 30 products, reducing rates by up to 0.60% and fees by up to 0.50%.
Landbay has also launched an exclusive lending update for its packager partners. It has increased maximum loan sizes from £1.5m to £2m for any of its approved packager partners such as Dynamo, 3mc, Brightstar, Complete, Impact, MFB, and Vantage.
Paul Brett, managing director of Intermediaries, Landbay, said: “In the everchanging world of buy-to-let, brokers and landlords alike need access to a wider offering and more flexibility than ever before.
“Landbay prides itself on putting its intermediary partners front and centre, attending broker events around the country to ensure we’re meeting the requirements of the market.
“This product revamp is designed to help brokers support more of their landlord clients. The increased loan size and reduced rates will ensure we remain competitive in the market.
“This is especially the case in more unusual cases, which are becoming ever more commonplace in the specialist world of buy-to-let.”
Ying Tan, founder and chief executive of Dynamo, added: “It’s fantastic to see lenders like Landbay continuously refining their offering in the new world of buy-to-let.
“As the market continues to specialise, brokers and landlords alike are relying on networks and clubs to support them and their businesses. Changes like this make it easier for us to help them, and to remain competitive in an ever-growing sector.”
Doug Hall, director of 3mc, said: “Landbay has always put its partners and brokers first, and this a prime example of reflecting that attitude into action.
“Our network of brokers need innovative solutions to their problems, especially with hard to place cases, and these refreshed product criteria will go one step further in meeting that need.”
A variety of products will undergo changes, including fixed and tracker products across standard properties, small and large HMOs/multi-units, and expat lending.
These will be available to all buy-to-let landlords via their brokers, as well as accessible through Landbay’s network and club partners; recent additions include The Mortgage Compliance & Insurance Club and The Right Mortgage & Protection Network.
The changes follow the increase of the maximum loan term earlier this year from 25 to 30 years.