Specialist buy to let property lender Landbay has refreshed its buy to let product range as of yesterday.
The changes to the Landbay buy to let product range includes the addition of fees to 80 per cent LTV products.
The Landbay Standard 5 Year 80 per cent LTV product rate now stands at 3.89 per cent, and fees can now be added across all revised Standard 80 per cent LTV products.
Across the wider product range, the buy to let lender has reduced the minimum landlord income to £15,000, cut the minimum loan value from £50,000 to £30,000 and revised the minimum property value, which was reduced to £75,000 for standard properties, and HMOS in qualifying areas.
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Additionally, the maximum standard property loan amount increased to £2 million for up to 75 per cent LTV products.
The reworked products will be available to buy to let landlords from today, via Landbay’s intermediary partners.
Changes to the buy to let product selection come a few months after Landbay announced the closure of its retail investment arm, in order to focus on building on the firm’s presence in the mortgage intermediary market, driven by institutional funding.
Paul Brett, Managing Director of Intermediaries, Landbay said: ‘We are constantly working to improve and update the products we already have, as well as working to develop new ones. It is critical for us to be keeping our ear on the ground of the buy to let marketplace, and today’s product revamp will ensure that our customers can take advantage of the competitive propositions we have to offer.’
He continued: ‘As part of our product refresh, we’re especially pleased with the changes to the 80 per cent LTV products. These changes are part of our strategy to extend our product offering to an even wider range of borrowers, helping our partners support more landlords across the country.’
Source: Residential Landlord