Landbay launches five PT products within core and specialist ranges – Mortgage Finance Gazette
Landbay has launched five new product transfer tracker products within its core and specialist ranges.
Core products are available for portfolio landlords, with options for individuals and all limited company structures, while specialist offers flexible products for more specialised properties including HMOs and MUFBs.
The new additions include three core two-year tracker product transfer products, alongside new two-year trackers for both specialist small HMO and small MUFB.
Within the core range Landbay is launching a 65% loan-to-value (LTV) product with a 3% fee at bank base rate (BBR) plus 1.49%, and two 75% LTV products, one with a 2% fee and a rate of BBR plus 2.24%, and one with a 3% fee at BBR plus 1.74%.
In its specialist range, the lender is launching a 75% LTV small HMO product with a 3% fee at BBR plus 1.74%, and a small MUFB, again up to 75% LTV, with a 3% fee and a rate of BBR plus 1.74%.
The buy-to-let lender says the launch of the new products came directly from increased broker and landlord client interest in tracker products.
Landbay sales and distribution director Rob Stanton says: “We have seen a noticeable increase in broker and landlord borrower interest in tracker products over recent months, particularly in terms of securing greater flexibility and especially while there remains uncertainty over the future path of interest rates.
“The absence of ERCs is of course an important feature of these products because it means landlords do not have to feel locked into a particular rate if market conditions change. Should fixed rates become more attractive in the future, borrowers have the flexibility to move without penalty.
“PTs continue to be an important part of the broker-client relationship, giving advice professionals further food for thought when reviewing a client’s borrowing needs at the end of a deal, as they decide whether they should remain with the existing lender on the most appropriate solution.
“By expanding our PT offering across both our Core and Specialist ranges, we are providing brokers with further choice in order to help support those refinance conversations.”
