Landbay, the peer-to-peer mortgage lender, has today announced a new range of products specifically aimed at professional buy-to-let landlords.
New products on offer include standard term trackers, beginning at 3.88%. In addition, there are now HMO trackers from 3.98% and Expat trackers from 4.38%.
Products
What’s more, there are now fixed rate products available at 4.2%, including a five-year fix deal from 4.4%-including interest coverage ratio (ICR) based on pay rate.
In addition, Landbay has moved to increase the maximum LTV to 80% on certain products.
All new products offered by the lender use pay rate to assess ICT calculations, but Landbay runs an underlying affordability calculator to make sure the application can meet a minimum ICR of 125% at 5.5%.
New buy-to-let products announced at Landbay
Complex
Paul Clampin, Chief Lending Officer of Landbay, observed: ‘The buy to let market is set to become more complex in 2017, as landlords face an increasingly intricate lending landscape and tighter regulation. It’s in such a context that borrowers and brokers need solutions that meet their changing needs, so these new products have been designed to do just that for the growing number of professional landlords.’[1]
‘As landlords move to navigate this complex environment, so too must lenders ensure that affordability calculations are robust and in line with the rest of the industry. This is why we have chosen to refine our ICR calculations,’ Clampin added.[1]
[1] http://www.propertyreporter.co.uk/landlords/professional-btl-range-launches-at-landbay.html