Products

TAB and Landbay bring out new products



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TAB and Landbay have announced the release of new products.

TAB

TAB has launched a refurbishment loan in response to market demand.

The product — available for light and heavy refurbishment projects — offers loans between £100,000 and £1m at 0.75% per month, 70% day-one LTV and 65% LTGDV.

It has a maximum term of 18 months.

The lender does not charge exit fees for the new product, nor does it lend against principal residences.

Duncan Kreeger, founder and CEO of TAB, said: “We are listening to what our clients are saying and responding accordingly. 

“This shows that there is a middle ground and TAB is delighted to be filling the gap that we believe exists. 

“Our products are designed to work in collaboration with our clients, and we have curated a product that can be tailored to suit many different borrowers.”

Eli Korman, head of development finance and chief investment officer at TAB, added: “Not all developments need to fall into the bracket of a development facility and, as we grow our development loan book, we have become more aware that an advanced bridging facility rather than a full development loan will suit our borrowers’ needs. 

“This product will suit those developers looking for a swift process where they have the ability to borrow the funds they need through the drawdown process with the affordability of a bridging loan.” 

Landbay

Landbay has introduced two new BTL mortgages for first-time landlords who want to invest in HMOs.

The products are available for HMOs with up to six bedrooms, including new-build properties.

The two-year fixed-rate offering is set at 3.49%, while the rate for the five-year fix stands at 3.79%, both offered at up to 70% LTV with a 1.5% fee.

Paul Brett, managing director for intermediaries at Landbay, commented: “Landlords are becoming more sophisticated, and they understand the responsibilities of managing an HMO. 

“They have done their homework and know the yields on HMOs are much higher than single flats or houses, resulting in greater financial rewards.” 

“There is also more demand for living in HMOs, particularly from young professionals who want or need to share a house. 

“Some simply can’t afford to rent their own place, but many actually like communal living. 

“Much of the HMO accommodation is far better quality than it used to be and can demand a higher rent.”

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