Landbay has launched three new buy-to-let products aimed at expats, professional landlords and those with HMOs.
The new tracker products will be sold through Landbay’s broker partners. These are Atom, Brightstar, Complete FS, Connect Mortgages, Mortgages for Business, The Business Mortgage Company and The Buy to Let Business.
The expat term tracker is at 4.38 per cent to 75 per cent LTV. The interest coverage ratio is 135 per cent at 4.38 per cent and the early repayment charge is 2 per cent for two years.
The new professional landlord product is a standard term tracker at 3.88 per cent to 75 per cent LTV.
The interest coverage ratio is 125 per cent at 3.88 per cent, with no early repayment charges.
The HMO product is at 3.98 per cent to 75 per cent LTV. The ICR is 130 per cent at 3.98 per cent, with no early repayment charge.
Landbay has also changed its criteria to require a minimum income (from all sources) of £25,000 for those employed, or the equivalent of £40,000 from expats.
Its minimum property values are £80,000 for standard properties and £150,000 for HMOs.
Landbay chief lending officer Paul Clampin says: “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 currently within the market.”