Slow lender times have been noted across the market but Landbay reported that most of their offers are being issued within 72 hours.
Free valuation has been introduced on Landbay’s 5-year fixed rate mortgage to 75% LTV and the rate has fallen from 3.69% to 3.65%.
Rates on other 5-year fixes have also been reduced, now starting at 3.49% down from 3.54% whilst its standard 2-year fixes now start at 3.19%, previously 3.39%.
The range has been expanded further with the introduction of new 70% LTV products, with rates kept at the same level as they were at 60% LTV.
More reductions have been put in place for HMOs and multi-unit freehold block products.
Paul Brett, 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.”
“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.”
Original article featured here…
This news comes after Landbay’s recent announcement of free title indemnity insurance for BTL landlords in order to speed up the legal process.