Buy-to-let lender Landbay today announces a product refresh across a series of its products. Changes include the addition of fees to 80% LTV products.
On Landbay’s Standard 5 Year 80% LTV product rate now stands at 3.89%, and across all revised Standard 80% LTV products fees can now be added.
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. Additionally, the maximum standard property loan amount increased to £2 million for up to 75% LTV products.
The reworked products will be available to buy-to-let landlords from today, via Landbay’s intermediary partners.
Changes to the 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, pictured, 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.
“As part of our product refresh, we’re especially pleased with the changes to the 80% 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.”