The company said its range of 75% loan-to-value (LTV) products is now available to the whole of the market. All broker firms are able to offer the Premier range of standard products for landlords with up to 15 properties, which are available to both individual and limited company landlords.
The options they can offer include standard, like-for-like remortgage, remortgage with a free valuation, and remortgage with a free valuation and cashback options to landlord clients.
Rates from 3.14%
Landbay is offering standard two-year fixed rate options, with rates starting from 3.14% with a 5% fee and going up to a zero-fee option at 5.64%. There are also product options with 1%, 2% and 3% fees.
Remortgage offers come with a free valuation. These have rates starting at 4.24% with a 5% fee and 5.24% with zero fees. Again, there are product options at different fee levels.
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There are also five-year fixed rates, all offered at the same 5.25% rate, with the fixed fee determined by the maximum loan required. These are offered with a free valuation and £500 cashback.
Scotland-specific criteria
Rob Stanton, sales and distribution director at Landbay, said Scotland is a distinct market from England and that the firm had introduced “Scotland-specific criteria” to help reduce uncertainty and keep cases moving.
“Scotland is a distinct market, with its own legal framework and tenancy structures, and we have taken the time to make sure our criteria, processes and pricing reflect that,” he added.
The Scotland-specific criteria include that the property must be listed on the Scottish Landlord Register and be let on a short assured or private residential tenancy. Freehold flats are allowed, ex-local authority properties above four storeys are allowed, and the tenure must be either owned or long lease.
The move follows other lenders that have recently launched into Scotland’s BTL market; Market Harborough Building Society expanded into Scotland just over a month ago.
