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Landbay rolls out ERC-free mortgages aimed at professional landlords

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  • 18/10/2016
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Landbay rolls out ERC-free mortgages aimed at professional landlords
Peer-to-peer (P2P) lending platform Landbay has announced a range of specialist mortgages aimed solely at professional landlords, which come free of early redemption charges (ERCs).

The products are available to Landbay’s approved broker partners and are in addition to the lender’s existing suite of fixed and tracker rates.

Highlights from its range include a standard term tracker at 3.98% with a maximum loan-to-value (LTV) of 75% and an interest coverage ratio of 125% at 4.50%.

For landlords looking to mortgage on houses in multiple occupation (HMOs) or multi-unit freehold blocks, Landbay has launched a term tracker at a rate of 4.13% with a maximum LTV of 75%. The interest coverage ratio is 130% at 4.75%.

The products are available to special purpose vehicles at the same rate as individual borrowers, with no additional fees added.

Its approved broker partners are AToM (All Types of Mortgages), Brightstar, Complete FS, Mortgage for Business, Professional & Commercial, The Business Mortgage Company and The Buy to Let Business.

John Goodall, CEO and co-founder of Landbay, said: “Our new buy-to-let mortgage products have been specifically designed to serve the needs of the professional landlord and help brokers build on the opportunities afforded by a cut to the Bank of England’s base rate.

“We know that speed, accessibility and flexibility are crucial for brokers, especially in times of uncertainty or market turbulence, which is why we’ve removed early redemption charges and continue to aim to give brokers a decision in principle within 48 hours.”

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