There is a standard option with a rate of 5.69 per cent, which is available at 75 per cent loan to value (LTV). This has a maximum loan size of £1.5m.
The second product is included in Landbay’s recently launched range of deals that make use of automated valuation models (AVMs). This also has a rate of 5.69 per cent and is available at 70 per cent LTV.
The maximum property value allowed for the latter product is £750,000.
Both options have no product fee and a minimum loan size of £65,000.
Rob Stanton (pictured), sales and distribution director at Landbay, said: “We pride ourselves on our ability to respond quickly to opportunities to expand and enhance our product range. It’s all part of our commitment to our broker partners to provide a product range that is broad and diverse enough to meet the requirements of their landlord clients across the country. While the rate may not be suitable for every client, it will certainly work for those with no appetite for fees or those borrowers with higher-yielding properties.
“As affordability continues to improve, we’re thrilled to offer landlords two superb zero-fee options, including our latest addition to the AVM product range. This range has been met with outstanding feedback from our intermediary partners, further enhancing our commitment to providing valuable solutions in the property market.”
The lender recently introduced its AVM range, with rates starting from 4.29 per cent. This offering was launched to speed up the time to offer, and Landbay said that, in some cases, it could issue an offer within 24 hours from the decision in principle being submitted.
Last month, Landbay was named as one of the BTL lenders with the highest broker satisfaction, according to the Mortgage Lender Benchmark from Smart Money People, which covered the second half of 2023.
