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Landbay cuts buy-to-let rates and improves criteria

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  • 31/03/2017
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Landbay cuts buy-to-let rates and improves criteria
Specialist buy-to-let mortgage lender Landbay has refreshed its product range aimed at both amateur and professional landlords, and improved its criteria for expats and HMO investors.

Rates now start at 3.39% for a two-year fix and 3.59% for a five-year fix, with arrangement fees on loans up to 75% loan-to-value on standard products reduced from 1.75% to 1.5%.

The following criteria enhancements have been applied to Landbay’s products.

– The maximum age at end of term has increased from 80 to 85 years
– First-time HMO purchase buy-to-let experience requirement has reduced from 24 to 12 months
– Expatriates can now borrow through a UK limited company
– Self-employed expatriates will now be considered, providing a minimum income of £60,000 sterling equivalent and employed expatriates are no longer required to work for a multinational company.

All products are available through Landbay’s approved distributor partners: Atom, Brightstar, Complete FS, Connect Mortgages, Mortgage for Business, The Buy to Let Business and TBMC.

Paul Brett (pictured), managing director of intermediaries at Landbay, said: “These new products offer a fantastic opportunity for brokers to help more of their landlord clients, who will be needing specialist advice and products at this time of significant regulatory and fiscal change.

“We strive to process new cases in 24 hours via our online portal and are offering cases within 48 hours of receipt of valuation. If an applicant needs speed, then I believe Landbay should be their first choice.”

Ying Tan, managing director, The Buy to Let Business and Buy to Let Club, said: “Landbay is rapidly making a name for itself in the specialist buy-to-let market. Its criteria covers many scenarios, including trading companies and new-build flats and its team has the experience and knowledge to view a case on its own merits.”

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