0:06 AM, 23rd August 2024, About 4 months ago
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Buy to let lender Landbay has introduced a fresh line-up of two-and five-year products, available through its automated valuation model (AVM).
It joins Together and Molo as the latest BTL lenders to lower rates for landlords.
This new AVM range offers rates starting at 3.74% for two-year standard options at up to 75% loan-to-value (LTV).
Non-portfolio landlords with a maximum of three mortgaged properties can access five-year standard products, also at 75% LTV, with rates beginning at 4.29%.
All products feature Landbay’s flexible fee structure.
The lender’s sales and distribution director, Rob Stanton, said: “We’ve seen first-hand just how AVMs can transform the buy to let mortgage process, helping us to enhance our offering and deliver a faster service at a reduced cost.
“Given how timing can make or break a deal in such a changeable market, this is absolutely critical and hugely valuable.”
He adds: “This latest launch only further proves our commitment to product innovation, staying close to the market and working collaboratively with funders to deliver a competitive range of products.”
This latest product launch follows recent rate reductions of up to 0.20% across Landbay’s standard five-year fixed and small HMO/MUFB ranges.
The new non-portfolio range, along with its standard two-year range, has also seen rate reductions of up to 0.40%.
As a pioneer in AVM integration, Landbay has accelerated offer times so applications are now processed three times faster than traditional methods.
Some offers are issued within 24 hours of the decision in principle.
By eliminating valuation fees, Landbay also provides substantial cost savings, averaging £500 per property.
In one notable case, it says a client saved more than £4,000 in valuation costs across their portfolio.
Meanwhile, property lender Together has announced reduced interest rates across its commercial product ranges.
For buy to let mortgages, its first charge loans now start at 8.49% for two-year fixed and 9.24% for variable rates.
Second charge two-year loans have rates starting at 9.49% for fixed and 9.99% for variable.
The lender’s chief executive of sales, Marc Goldberg, said: “Relationships with our customers is at the heart of our ethos, and we are keen to show that we maintain a healthy appetite for lending, despite the economic turbulence of recent years.
“The new rates will give our customers access to opportunity across the market, with many economists expecting a steady downward rate environment over the next few months.”
Another lender unveiling new rates is Molo which has reduced rates across its UK resident, expat and non-UK resident buy to let products.
Key rate changes include its UK resident two-year fixed starting at 4.15%.
A two-year fixed specialist product rates starts as 4.30%, while expat fixed rates start at 4.99%.
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