Landbay has launched a new range of products dedicated to non-portfolio landlords looking to invest in buy-to-let properties.
The new range is exclusively available to those with three or fewer buy-to-let properties.
Designed to cater for the increasing number of people looking to invest in properties, rates on the products start from 3.14% for the two-year fixed rate and 3.44% for the five-year fixed rate.
The range has a maximum 75% loan-to-value (LTV) and comes with a free valuation option for remortgages with a maximum loan size of £1 million.
This announcement comes after the lender recently launched a buy-to-let calculator which is unique to each specific Landbay product and client. The calculator takes into account the type of property and whether the client is an individual or limited company. It then gives the interest cover ratio, and the intermediary has the option to submit for a decision in principle.
According to Landbay, the volatility in the stock market combined with the resilience in the housing market has resulted in an increase in first-time landlords, and this trend is expected to continue in 2021.
Paul Brett, managing director of intermediaries at Landbay, comments: “Now is a great time to invest in buy-to-let properties and demand in the buy-to-let sector is booming.”
“It is no surprise to see more and more first-time landlords looking to invest, and those with one or two properties looking to increase their portfolios. Adding these products to our already market-leading range will ensure we fully support this growing number of potential landlords.”
He adds: “Combined with our new calculator, cutting-edge technology and exceptional service, our product range caters for every client, whether new to the sector, or purchasing their latest portfolio property.”
Landbay has funding for its buy-to-let mortgages from multiple different bank and institutional sources. It recently reached number six on the Deloitte UK Fast 50 due to a 5,500% growth in turnover over the past four years. It was the top-ranked mortgage lender and is listed as the third fastest-growing FinTech business on the list.