Complex Buy To Let
Landbay launches landlord, HMO and expat trackers
Guest Author:
Heather Greig-SmithPeer lending platform Landbay has launched three products aimed at professional landlords, those with Houses in Multiple Occupation (HMOs) and expats.
The three tracker products are exclusive to Landbay’s approved broker partners.
The first is a standard term tracker at 3.88% (LIBOR + 3.50%) with a max loan-to-value (LTV) of 75% and an interest coverage ratio of 125% at 3.88%.
The HMO and multi-unit term tracker is set at 3.98% (LIBOR + 3.60%) with a max LTV of 75% and interest coverage ratio of 130% at 3.98%. Neither has an early repayment charge.
The expat term tracker is set at 4.38% (LIBOR + 4.0%), also with a max LTV of 75% and interest coverage of 135% at 4.38%. Early repayment of 2% for 24 months is applicable.
In addition, Landbay has changed its criteria to require a minimum income (from all sources) of £25,000 for employed borrowers and £40,000 for expats. Its minimum property values are £80,000 for standard properties and £150,000 for HMOs.
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Paul Clampin (pictured), Landbay chief lending officer, 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 currently within the market.”
Since 2014 Landbay has lent over £42m across 241 loans. The investment platform is driven by peer to peer technology and backed by buy-to-let property.