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Do you expect to see less or more second charge mortgage lenders in 2018?

Lender launches new BTL products ahead of ‘complex’ year


Landbay has launched a new range of products for professional landlords in anticipation of a more complex lending environment in 2017.

Highlights of the range include standard term trackers from 3.88%, fixed rate products from 4.2% and LTVs rising to 80% on some products.

The firm has also introduced a five-year fixed loan from 4.4% with interest coverage ratio (ICR) based on pay rate and an HMO tracker from 3.98%.

Paul Clampin, chief lending officer of Landbay, said: “The buy-to-let market is set to become more complex in 2017, as landlords face an increasingly intricate lending landscape and tighter regulation.

“It’s in such a context that borrowers and brokers need solutions that meet their changing needs, so these new products have been designed to do just that for the growing number of professional landlords.

“As landlords move to navigate this complex environment, so too must lenders ensure that affordability calculations are robust, and in line with the rest of the industry.”

Although all new products will use pay rate to make initial ICR calculations, Landbay runs an affordability calculator to ensure that the application meets a minimum ICR of 125% at 5.5%.

The London-based firm has lent over £42m since being established in 2013.

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