Buy-to-let lender, Landbay, has expanded its lending proposition in Scotland with the launch of 12 new products from its core range, offering solutions for portfolio landlords.
The 12 new products include two and five-year fixed rate options, available up to 75% LTV, for landlords purchasing or remortgaging standard residential investment properties.
The range includes products available with automated valuation models (AVMs), alongside non-AVM alternatives, and offers a variety of fee structures to suit different borrowing requirements.
The core range also provides access to finance for landlords with more complex special purpose vehicle (SPV) company structures and has no portfolio limit, opening up further borrowing options for landlords with larger property portfolios.
Among the new products are core AVM two-year fixed rates starting from 4.74% with a 5% fee, alongside a 5.74% option with a 3% fee. Five-year core AVM fixed rates are available from 5.64% with a 6% fee, while a 5.84% option is also available with a 5% fee.
The launch follows the introduction of Landbay's premier range into Scotland in March this year and represents a further expansion of the lender's presence in the Scottish buy-to-let market, with the new core products sitting alongside the existing premier offering.
It also follows the appointment last month of Daniel Bell as Landbay’s new BDM for Scotland, North Yorkshire and the North East.
Rob Stanton, sales and distribution director at Landbay, said: “Since launching our premier range into Scotland in March, we have been keen to build on that initial offering and provide advisers with access to more of our products and lending options. The introduction of core is an important next step in that process, allowing us to support a wider range of landlord borrowers and property finance requirements.
“While premier continues to provide options for landlords with more straightforward borrowing needs, core gives us the ability to cater for those portfolio players, including those with more complex SPV structures and different requirements when it comes to product fees and mortgage terms. The inclusion of AVM products is also an important part of this expansion, providing further options for eligible purchase and remortgage cases.
“This launch also comes shortly after the appointment of Daniel Bell as our new BDM covering Scotland, giving brokers additional support as we continue to grow our presence in the market. Daniel brings considerable experience of working with advisers and understanding the needs of landlords, and we believe the combination of an expanded product range and BDM support puts us in a strong position to develop our Scottish business further.
“We have always recognised that Scotland is a distinct market with its own requirements, and our approach has been to expand our offering in a considered way, ensuring we can provide the products, criteria and service that advisers want and need. With premier and core now available alongside each other, we can offer considerably more choice to Scottish advisers and their landlord clients, and we look forward to building on this over the coming months.”
