The two new BTL mortgages are both available at 75% LTV, fixed for five years with a rate of 3.55%. The first has free valuation and a maximum loan size of £525,000, available on properties up to £700,000. The second has a higher maximum loan size of £1million.
These BTL products have been added to the range to help landlords expand their portfolios before the end of the current stamp duty reductions.
Although slow lender times have been noted across the market, Landbay have recently reported that most of their offers are being issued within 72 hours.
Landbay’s application process is now just nine steps and is completely paperless. All new applications will also benefit from their instant Decision in Principle (DiP). Using intuitive technology, DiP only takes two minutes from start to finish, combining cutting edge technology with the human touch.
Paul Brett, Managing Director of Intermediaries at Landbay, said: “It is a testament to Landbay’s confidence in the buy-to-let market that we can continue to lower our interest rates once again.
“This will be very welcome news to intermediaries as it will help their clients to make the most of the burgeoning buy-to-let market. There is still strong demand from professional landlords who are taking advantage of the savings from the stamp duty holiday to increase their portfolios.
“The recent Bank of England statistics showed the housing market is hitting heights not seen since 2007 and buy-to-let properties are amongst some of the most solid investments available at the moment.
“Therefore, these new products, combined with our recent complete product refresh, two-minute DiP, free valuations and free title insurance, we expect to be a real help to intermediaries and their clients who are rushing to buy before the end of the stamp duty holiday.”
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.