Landbay refreshes core BTL product range

Specialist buy-to-let (BTL) lender Landbay has refreshed its core product range, including lowering rates and implementing free valuations.

The lender has reported that despite high levels of demand, most offers are being issued within 72 hours.

Landbay has introduced a free valuation on its most popular 5-year fixed rate mortgage and reduced the rate down from 3.69% to 3.65%.

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The mortgage is available up to 75% loan-to-value (LTV) on properties up to £700,000.

The free valuation, combined with the free title indemnity insurance which is included with Landbay standard products, could save clients up to £1,200.

Landbay’s other 5-year fixed rates start at 3.49%, previously 3.54%, while its standard 2-year fixed rates now start at 3.19%, down from 3.39%.

Landbay has also expanded its range by introducing 70% LTV products while keeping rates the same as they were at 60% LTV.

It has also reduced rates on houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) products.

Paul Brett (pictured), managing director of intermediaries at Landbay, said, “Over the past month we’ve seen unprecedented demand from brokers and their clients.

“We are always listening to what the market is telling us and as a result we have relaunched our whole product range with lower rates.

“These enhancements, together with free title indemnity insurance and free valuations across qualifying cases means that more cases will complete, more quickly, with a significant cost reduction to the borrower.

“We know this refresh will be greatly welcomed and we anticipate it will continue to grow the exceptional levels of activity that we’ve seen.

“Despite the high demand, we’re committed to providing excellent customer service that our intermediary partners deserve.

“Our application process is completely paperless and online, therefore we don’t have any delays in the reviewing of post, because we don’t have any.”