Landbay has launched a range of new buy-to-let products aimed at professional landlords, including expats and those with HMOs.
The products, available up to 80% loan-to-value (LTV), include a standard term tracker at 3.88%, a HMO tracker at 3.98%, and an expat term tracker at 4.38%.
The new tracker products will be available exclusively via the peer-to-peer lender’s approved broker partners: Atom, Brightstar, Complete fs, Connect Mortgages, Mortgage for Business, The Business Mortgage Company, The Buy to Let Business.
Landbay recently changed its criteria to require a minimum income of £25,000 for those employed, or the equivalent of £40,000 from expats.
Its minimum property values were also revised and are now £80,000 for standard properties and £150,000 for HMOs.
Paul Clampin, chief lending officer at 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.”
All new products use pay rate to make initial ICR calculations, however Landbay runs an underlying affordability calculator to ensure that, as a whole, the application meets a minimum ICR of 125% at 5.5%.
“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. This is why we have chosen to refine our ICR calculations,” he added.