"These new remortgage products are designed to give brokers a broader range of options when supporting landlord clients, with pricing and fee structures that can be matched to different financial priorities,"
- Rob Stanton - Landbay
Three new small HMO remortgage products are now available through Landbay's Premier range, giving brokers additional options for landlords refinancing properties with up to six bedrooms.
The Premier range serves landlords with up to 15 mortgaged properties, open to both individual and limited company borrowers. Small HMO products first joined the range last month, and the remortgage additions now complement those initial purchase options.
All three are five-year fixed-rate products at 70% LTV, structured around different fee and rate combinations to suit varying landlord priorities: 4.84% with a 5% fee, 5.24% with a 3% fee, and 5.64% with a 1% fee.
Landbay has also standardised valuation fees across the small HMO range. Fees start at £750 plus a £199 administration charge for properties up to £400,000, scaling to £2,150 plus the £199 charge for properties valued between £1,800,001 and £2m, giving brokers and clients clearer cost expectations from the outset.
The products arrive alongside other recent developments at Landbay, including automated valuation model options and an expansion into Scotland.
Rob Stanton, sales and distribution director at Landbay (pictured), said: "In the current market, we are seeing brokers and their landlord clients place a clear focus on managing existing borrowing and ensuring portfolios remain sustainable over the longer term. Remortgage activity is therefore a key area of demand, particularly for more specialist property types such as Small HMOs."
The tiered fee structure was central to the product design, he explained. "These new remortgage products are designed to give brokers a broader range of options when supporting landlord clients, with pricing and fee structures that can be matched to different financial priorities," he said.
Stanton was candid about the thinking behind the timing. "We have been clear in recent weeks that, while market conditions remain changeable, our focus is on maintaining product availability and adding to the range where it is responsible to do so," he said.
"By continuing to expand our Premier offering, we are ensuring advisers have access to competitive remortgage product solutions for Small HMO landlord borrowers, helping them place business with confidence even in testing conditions."
