Paul Brett

Landbay lowers rate and offers free valuations for BTL product range

Landbay has refreshed its BTL product range in response to high levels of demand.

The lender has introduced free valuations on its standard five-year fixed rate, 75% LTV mortgage, and reduced its rates.

For loans up to 75% LTV on properties up to £700,000, the rate was lowered from 3.69% to 3.65%.

The free valuation combined with free title indemnity insurance, which is included with Landbay’s standard products, could save clients up to £1,200.

The lender’s other standard five-year fixed rates at 60% LTV start at 3.49% (previously 3.54%), while its standard two-year fixed rates now start at 3.19%, down from 3.39%.

Landbay has also expanded its range by introducing a number of new 70% LTV products, while keeping the same rates for products at 60% LTV.

It has also cut rates on HMO and multi-unit freehold block products.

The lender now offers 3.49% rates for its two-year fixed rate product, and 3.85% for its five-year fixed rate product, both starting at 70% LTV.

Paul Brett, managing director of intermediaries at Landbay (pictured above), said: “Over the past month, we’ve seen unprecedented demand from brokers and their clients. 

“We are always listening to what the market is telling us and, as a result, we have relaunched our whole product range with lower rates.”

He added that the enhancements, together with the free title indemnity insurance and valuations across qualifying cases, meant more cases would be completed faster and with a significant cost reduction to the borrower.

“We know this refresh will be greatly welcomed, and we anticipate it will continue to grow the exceptional levels of activity that we’ve seen. 

“Despite the high demand, we’re committed to providing excellent customer service that our intermediary partners deserve. 

“Our application process is completely paperless and online, therefore we don’t have any delays in the reviewing of post, because we don’t have any."

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