Landbay

Mortgage Type

Buy To Let

Property Value (min)

£65,000 Standard Properties
HMO £75,000 in certain postcodes BB, BD, CA, CW, DH, DL, FY (Excluding FY1-FY4), HD, HX, L, LA, M, NE, OL, PR, SK, TS, WA, WF, WN, YO
£120,000 for postcodes not listed above

Advance (min)

£30,000

Large Loan range: -
Min. loan size £1,500,000 million

Advance (max)

£500,000 up to 80% LTV
£1,500,000 up to 75% LTV - HMO/MUFB
£1,500,000 up to 75% LTV on Standard properties

£750,000 max loan on new build properties

Large Loan range: -
Min. loan size £1,500,000 million

Max. loan size £2,000,000 million

Term (Max)

30 years

Minimum Age

21 years

Maximum Age

95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage term

Family Cash Gift Deposit

Refer - case by case

Family Gift of Equity Deposit

Refer - case by case

Income (min)

At least one applicant much be employed, or self-employed.
NB - Rental income can be included in combination or isolation.

No min income for landlords >24 months experience
FTL or Landlords with <24 months £25,000 combined income requirement

Restrictions

Property value must exceed £65,000
Must be suitable for letting at the completion
Must be in an area with strong rental demand as determined by our surveyor
partners

Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental

No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner-occupied properties

HMO/MUFB
Max LTV 80% Small HMO
Max LTV on Large HMO & MUFB 75%

No limit on number of floors

Above Commercial – Max LTV 75%

Standard HMO/MUFB products >1yr rental exp
FTL HMO & MUFB – No experience required (excludes FTB)

Let to Buy (Turning Residential into Buy to Let)

Can be considered if two of three criteria is met from the below: -

1. Existing landlord away from subject property
2. Subject property being let for >24 months
3. Onward residential purchase

DWP Tenants

Yes

Ex-Local Authority Properties

Houses (Yes) Flats (Case by case basis). The majority of the block/immediate surrounding area should be privately owned.

Minimum years remaining on leasehold property

60 years at completion of mortgage with 55 years remaining at end of term

Minimum Ownership

No minimum

Permanent rights to reside and remain

Yes

Ex-Patriates

No

New Builds

Maximum Loan to value 75%. Maximum advance on a new build is £750,000

Credit Score

No - currently the credit insight data is reviewed as oppose to score

Rental Calculation

ICR RULES FOR 1 AND 2 YEAR FIXED RATE AND TRACKER RATE PRODUCTS STRESSED AT THE GREATER OF: 5.5% OR PAY RATE + 2%

ICR RULES FOR 5 YEAR FIXED RATE PRODUCTS STRESSED AT PAY RATE

Higher Rate taxpayers and FTL for HMO & MUFB are loaded – please ensure that the rental check is done against the current product guide.

Where the application meets more than one of the above stress rates, the higher stress rate will apply. The underlying affordability of the background portfolio for an application will be considered against a minimum underlying ICR rate of 125% @ 5.00%.

Like 4 Like Debt consolidation

2yr Fixed Rate only

Stressed at 125% or 140% at the greater of 5.5% or product rate +1%

Historic CCJ’s & Defaults

No defaults OR CCJ's registered in the last 24 months, if over 24 months then assessed on a case by case basis

Valuation Fees

£199 admin fee payable with valuation fee. Please see product guide for further details on valuation fees.

Maximum number of applicants

4

Countries

Will lend in England and Wales

Access

Access to Landbay is available via selected packagers only, of which 3mc are one

Property Type / Commercial

Above Commercial - considered up to 75% LTV

Residential BTL properties in a condition to be let. No commercial properties. First Time Buyer & First Time Landlord accepted with minimum employed income of £85,000

Property value must exceed £75,000
Must be suitable for letting at completion
Must be in an area with strong rental demand as determined by our surveyor partners

New Build properties - Max loan is £750,000

No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties
HMO - See below 'Restrictions'
Large HMOs/MUFBs up to 12 units
Min. 1 years’ prior experience as a landlord unless for small range HMO - up to 6 beds
Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental

Location

Will lend in England and Wales

Portfolio Landlords

Portfolio Landlords Accepted

Background Portfolio Requirements

– No maximum LTV for the overall portfolio
– A minimum rental stress of 125% at 5%

Portfolio Landlord Criteria

– No maximum number of properties with Landbay to an aggregate borrowing of up to £5mill
– No limit on the size of existing portfolio with other lenders

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Asset & Liability Statement – All cases
– Cashflow Statement – Not required
* Lender will accept client versions so long as covers the lenders minimum requirements