L&G Mortgage Club announces Landbay product changes

Legal & General Mortgage Club has announced two new semi-exclusive, buy-to-let (BTL) mortgage products for its members which will be available from Landbay.

The products will suit individuals and limited companies (SPV).

Mortgage advisers using L&G Mortgage Club will have to access to two five-year, fixed rate mortgages. The first, with a rate of 3.09%, has a maximum LTV of 70%, a 1.5% product fee and tiered ERCs. The second product has a maximum LTV of 75%, its minimum loan amount is £75,000 and its rate is 3.19%.

The mortgage club confirmed that products allow for day one remortgages and are available for properties situated above, or adjacent to, commercial structures. Layered limited companies may also qualify and there is a capital raising facility. Landbay’s products do not, however, accept new builds or trading limited companies.

L&G Mortgage Club head of lender relationships, Danny Belton, said that the BTL market has been “frenzied” since the start of the year amid the stamp duty holiday deadlines.

“We have seen this heightened interest continuing well past the gradual end of the government scheme, with demand for rental accommodation continuing to be high among younger groups and those coming to the UK from abroad,” Belton said.

“This has created a clear need for a wide range of BTL mortgages, designed to accommodate an even wider variety of landlord circumstances. The addition of these latest products will naturally help to support advisers searching for competitively priced products that can meet the needs of both landlords and those operating within a limited company structure.

Landbay head of networks and clubs, Joela Jenvey, added: “Despite what might have been predicted after the end of the first stamp duty holiday in June, the buy-to-let sector remains robust and booming.

“We have seen an increase in first-time landlords coming into the market while limited companies continue to be a popular route for property investors. These two semi-exclusive products will give a competitive advantage to all Legal & General Mortgage Club DA firms and related networks, providing them with even lower rates and larger loans for their landlord clients.”

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