Landbay has announced it is refreshing a series of its products including the addition of fees to its 80% LTV products.

The buy-to-let (BTL) lender indicated that fees can now be added to its Standard five-year 80% LTV product, which has a rate of 3.89%, as well as the rest of its revised Standard 80% LTV products.
 
Across the wider product range, Landbay revealed it has reduced the minimum landlord income to £15,000, cut the minimum loan value from £50,000 to £30,000 and revised the minimum property value – which was reduced to £75,000 for standard properties, and HMOS in qualifying areas. The lender added that the maximum standard property loan amount increased to £2m for up to 75% LTV products.
 
Landbay announced the reworked products will be immediately available to BTL landlords, through the lender’s intermediary partners.
 
The latest changes come a few months after Landbay had announced the closure of its retail investment arm, in order to focus on building on the firm’s presence in the mortgage intermediary market, which it suggested would be driven by institutional funding.

Landbay managing director of intermediaries, Paul Brett, commented: “We are constantly working to improve and update the products we already have, as well as working to develop new ones. It is critical for us to be keeping our ear on the ground of the BTL marketplace, and today’s product revamp will ensure that our customers can take advantage of the competitive propositions we have to offer. 

“As part of our product refresh, we’re especially pleased with the changes to the 80% LTV products. These changes are part of our strategy to extend our product offering to an even wider range of borrowers, helping our partners support more landlords across the country.”

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