Buy-to-let lender Landbay has strengthened its product transfer offering with the launch of both additional borrowing and overpayment options.
Landlords looking to refinance now have the option to borrow additional funds as part of the PT process. The move provides greater flexibility for landlords and can support the likes of property improvements or capital raising without the need to remortgage. The option can be requested at the start of the PT application and is subject to selected product criteria.
Borrowers are now also able to make an overpayment during the product transfer process, with the flexibility of overpayments being able to be made up until completion.
Alongside the two product upgrades, Landbay has integrated the background portfolio upload directly into its application process to streamline the stress testing process.
Launched in February, Landbay’s product transfer offering supports a broad range of properties – including HMOs and MUFBs.
Rob Stanton, sales and distribution director at Landbay, said: “From launch, we were clear that we would continue to develop our PT range to make sure it delivers as much value as possible. Adding both overpayments and additional borrowing is a clear example of this and an important next step. It means we can equip brokers with a product range that allows them to best serve their landlord clients as they come to refinance.
“Just as important, it gives brokers another reason to recommend Landbay at the outset – knowing full well the options are there to support borrowers and continue that relationship at the end of the initial term. It is great to be able to launch this new development which is a real testament to the capabilities of our in-house technology and broker platform, the talents of our team and the strength of our broad funding model.”
