Landbay launches new professional range
Buy-to-let lender Landbay has launched a new professional landlords range for 2017.
Highlights of the range include a standard term tracker from 3.88%, fixed rate products from 4.2%, including a 5-year fix from 4.4% with ICR (Interest Coverage Ratio) based on pay rate, a HMO tracker from 3.98% and an expat tracker from 4.38%.
Paul Clampin, chief lending officer of Landbay, said: “The buy-to-let market is set to become more complex in 2017, as landlords face an increasingly intricate lending landscape and tighter regulation. It’s in such a context that borrowers and brokers need solutions that meet their changing needs, so these new products have been designed to do just that for the growing number of professional landlords.
“As landlords move to navigate this complex environment, so too must lenders ensure that affordability calculations are robust, and in line with the rest of the industry. This is why we have chosen to refine our ICR calculations.”
To date Landbay has lent over £42m since 2014 – over 241 loans with 0% facing repayment difficulties.