"Today’s product revamp will ensure that our customers can take advantage of the competitive propositions we have to offer. "
As part of the changes, all 80% LTV products now allow fees, the minimum landlord income has reduced to £15,000, and the minimum property value has been revised down to £75,000 for standard properties and HMOs in qualifying areas.
The minimum loan amount has been reduced from £50,000 to £30,000 and the maximum standard property loan amount has increased to £2 million up to 75% LTV.
Additionally, Landbay’s standard five-year 80% LTV product rate is now available from 3.89%.
Landbay recently announced the closure of its retail investment arm in order to focus on building its presence in the intermediary mortgage market, driven by institutional funding.
Paul Brett, managing director of intermediaries at Landbay, said: “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 buy-to-let 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.”
