Landbay has launched a range of limited edition lending products aimed primarily at professional landlords with no early redemption charges (ERCs).
The new tracker products, offered at a competitive rate available exclusively via Landbay’s approved broker partners, have been designed to serve the needs of the professional landlord.
All products are available to those purchasing a buy-to-let with a special purpose vehicle at the same rate as individual borrowers, and with no additional fees, through approved broker partners: Atom, Brightstar, Complete FS, Mortgage for Business, Professional & Commercial, The Business Mortgage Company, The Buy to Let Business.
Highlights of the tracker products range include a standard term tracker of 3.98% at 75% loan-to-value (LTV), while there is an HMO/MUFB term tracker of 4.13% at 75% LTV.
Landbay, which has lent more than £42m to buy-to-let landlords since 2014, requires the landlord to hold at least one property in its professional range.
John Goodall, CEO and co-founder of Landbay, said: “Our new buy-to-let mortgage products have been specifically designed to serve the needs of the professional landlord and help brokers build on the opportunities afforded by a cut to the Bank of England’s base rate.
“We know that speed, accessibility and flexibility are crucial for brokers, especially in times of uncertainty or market turbulence, which is why we’ve removed early redemption charges and continue to aim to give brokers a decision in principle within 48 hours.”