Landbay, The Mortgage Lender change their buy-to-let mortgage ranges

Mortgage Lender

Physical valuations resumed last week, which will now be available on all new buy-to-let applications

Landbay is raising its maximum loan-to-values (LTVs) to 75 per cent as it reintroduces physical valuations.

Its range will start from 3.39 per cent, and it will also lend on large and small houses in HMOs of up 12 units, multi-unit freehold blocks (MUFBs) and new build properties.

Physical valuations resumed last week, which will now be available on all new buy-to-let applications.

Landbay added that it was also working through its pipeline of loans from applications received throughout the lockdown.

Managing director of intermediaries Paul Brett said brokers had been looking for higher LTV deals.

It has been our aim throughout this challenging period to be a supportive force for brokers and to be a steady presence in the market, Brett said.

And, due to our diversity of funding, we have fortunately been able to continue lending throughout the whole of the last two months, he said.

Brett said, this range will now help to give something more to our brokers and their clients, who are keen to remortgage or keep investing in the buy-to-let market.

The Mortgage Lender has reduced completion fees on buy-to-let loans of more than £500,000 to 0.5 per cent and to 0.75 per cent for loans of more than £750,000.

Reduced fees are available for individual, limited company, and HMO/MUB applications up to 75 per cent LTV with rates starting at 3.59 per cent for a five-year fix at 70 per cent LTV.

Landbay resumed physical valuations in England in May and is offering desktop valuations for the majority of buy-to-let properties in Scotland and Wales.

The Mortgage Lender sales director Steve Griffiths said: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis”.

Griffiths said larger loans can present more complex scenarios, so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.

Legal & General Mortgage Club head of lender relationships Danny Belton said: “As we start to return to a more normal market with physical valuations now available, it’s great to see lenders providing products that meet the needs of landlords who want to invest in this area of the market”.

He said, at a time when income could be challenged, a reduction in fees is very welcome.