Landlords looking to refinance will have the option to borrow additional funds as part of the product transfer process.
Landbay said it would offer “greater flexibility” and can back property improvements or capital raising without the need to remortgage.
The option can be requested at the start of the product transfer application and is subject to selected criteria.
Borrowers can also make an overpayment during the product transfer process and the flexibility of overpayments is that they are able to be made up until completion.
The lender has also integrated the background portfolio upload directly into the application process to “streamline the stress testing process”.
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Landbay launched its product transfer service for BTL borrowers in February and went on to add large house in multiple occupation (HMO) and multi-unit freehold block (MUFB) deals.
Rob Stanton (pictured), sales and distribution director at Landbay, said: “From launch, we were clear that we would continue to develop our PT range to make sure it delivers as much value as possible.
“Adding both overpayments and additional borrowing is a clear example of this and an important next step. It means we can equip brokers with a product range that allows them to best serve their landlord clients as they come to refinance.”
He continued: “Just as important, it gives brokers another reason to recommend Landbay at the outset – knowing full well the options are there to support borrowers and continue that relationship at the end of the initial term.
“It is great to be able to launch this new development, which is a real testament to the capabilities of our in-house technology and broker platform, the talents of our team and the strength of our broad funding model.”
