Landbay launches new products; Fleet updates lending criteria
Buy-to-let lenders Landbay and Fleet Mortgages have announced updates to their mortgage offerings, introducing new products and providing greater flexibility and support for brokers and landlords.
Landbay has added four new products to its limited edition range, specifically for small houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs). These five-year fixed rate mortgages are available at up to 75% loan-to-value (LTV) for loans between £150,000 and £500,000, with rates starting at 5.09%.
The lender has also expanded its product transfer offering to include additional small HMO/MUFB options. These products, also five-year fixed rates up to 75% LTV, start at the same 5.09% rate.
Since launching its product transfer service last month, Landbay has reported strong demand, with brokers using the option to help landlords refinance more efficiently.
“Given the pressures in the residential market and the increasing number of students, transient workers and foreign nationals, demand for multi-unit properties has only continued to grow,” said Rob Stanton (pictured left), sales and distribution director at Landbay. “As a lender supporting the BTL market, it’s important that we can offer the necessary products to support broker partners and their landlord clients across the country.”
Meanwhile, Fleet Mortgages has implemented several criteria changes aimed at providing brokers with more options when placing landlord cases.
The lender will now accept TR1 forms (Transfer of Whole of Registered Title) at the loan offer stage, allowing the Land Registry update to be completed at the time of completion rather than beforehand. The change is intended to simplify Day One remortgage applications.
In addition, Fleet will now consider county court judgments (CCJs) within certain limits. Satisfied CCJs of up to £500 within the last three years will be accepted, and unsatisfied CCJs up to £250 will also be considered. The lender stated that this change was introduced to avoid excluding credit-worthy borrowers, such as those disputing minor charges like parking tickets.
Fleet has also reduced its minimum floor area requirement from 35 square metres to 30 square metres, following broker feedback.
The criteria updates come alongside Fleet’s recent rate reductions on its standard and limited company five-year fixed-rate products, with rates starting at 5.24%.
“These latest changes provide a greater degree of flexibility, a common-sense approach to CCJs, plus we want to be able to support those clients who are looking to remortgage on Day One,” said Steve Cox (pictured right), chief commercial officer at Fleet Mortgages.
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