Landbay has launched a new range of limited edition lending products with no Early Redemption Charges (ERCs), aimed primarily at professional landlords.
The new tracker products will be available exclusively via Landbay’s approved broker partners, in addition to the existing suite of both fixed and tracker rate products.
New deals include a standard term tracker at 3.98% (LIBOR + 3.60%), available up to 75% LTV. Interest Coverage Ratio (ICR) is 125% at 4.50%.
There is also a HMO/MUFB term tracker at 4.13% (LIBOR + 3.75%), again available up to 75% LTV. The ICR is 130% at 4.75%.
All products are available to SPVs at the same rate as individual borrowers, and with no additional fees, through approved broker partners: Atom, Brightstar, Complete FS, Mortgage for Business, Professional & Commercial, The Business Mortgage Company, The Buy to Let Business.
John Goodall, CEO of Landbay, said: “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 afforded by a cut to the Bank of England’s base rate.
“We know that speed, accessibility and flexibility are crucial for brokers, especially in times of uncertainty or market turbulence, which is why we’ve removed Early Redemption Charges and continue to aim to give brokers a decision in principle within 48 hours.”