Landbay has just rolled out two new, fee-free, five-year fixed-rate mortgage options for landlords. Aimed at offering competitive rates and increased flexibility, these new products could be a game-changer for those looking to buy or remortgage properties.

The highlight of Landbay’s announcement is the launch of two fee-free mortgage products with a fixed interest rate of 5.69% for five years. This rate is available under the following conditions:

• For Up to 75% of Property Value: The first product allows borrowing up to 75% of the property’s value, catering to those looking to secure a larger loan, with a ceiling of £1.5 million.
• Innovative Valuation for Quicker Processing: The second product falls under Landbay’s novel approach, utilising Automated Valuation Models (AVMs) to streamline and economise the valuation process. This option caps borrowing at 70% of the property’s value, targeting a maximum property value of £750,000.

Both options require a minimum loan amount of £65,000 and are applicable for the purchase or remortgage of both residential and commercial properties throughout the UK.

Expanding and Enhancing Choices for Landlords

Rob Stanton, Landbay’s Sales and Distribution Director, emphasised the company’s agility in adapting its offerings to better serve its clients, “We pride ourselves on our ability to respond quickly to opportunities to expand and enhance our product range. It’s all part of our commitment to our broker partners to provide a product range that is broad and diverse enough to meet the requirements of their landlord clients across the country. While the rate may not be suitable for every client, it will certainly work for those with no appetite for fees or those borrowers with higher-yielding properties.”

The Advantage of Flexibility and Choice

Landbay’s introduction of these fee-free options enhances its variable fee structure, offering landlords and intermediaries greater flexibility and choice. With the use of Landbay’s online buy to let affordability calculator, comparing the various BTL mortgage products has never been easier.

Stanton also highlighted the positive reception of the AVM product range from intermediary partners, noting the ongoing improvement in affordability and the value these zero-fee options present to landlords.