Compare Criteria

Landbay

Mortgage Type

Specialist BTL/Commercial

Property Value (min)

£80,000 Standard £120,000 HMOs & Multi Units

Advance (min)

£50,000

Advance (max)

£1,500,000 to Max LTV

Term (Max)

30 years

Minimum Age

21 years

Maximum Age

85 at the end of the mortgage term

Family Cash Gift Deposit

Refer - case by case

Family Gift of Equity Deposit

Refer - case by case

Income (min)

Combined total income from all applicants of £25,000 for UK based applicants. For First Time Buyer First Time Landlords then minimum employed income is £85,000
For Expatriates who are Employed:
- £40,000
For Self Employed expatriates: £60,000 minimum.

Restrictions

Property value must exceed £80,000
Must be suitable for letting at completion
Must be in an area with strong rental demand as determined by our surveyor
partners

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

HMOs & Multi Unit Freehold blocks (MUFBs):

Max. 75% LTV

Max. 15 bedrooms considered

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 1 years’ prior experience as a landlord

Let to Buy (Turning Residential into Buy to Let)

No

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, please also see expatriate section.
Can accept Spousal visa’s - subject to review.

Ex-Patriates

Yes - FATF countries only & no First Time Landlords.
Max. 70% LTV

Resident of a FATF member jurisdiction country

A UK credit history

An active UK bank account

Has an existing buy-to-let property in the UK

Employed and earning £40,000 pa min. income

Self Employed and earning £60,000 pa min. income

New Builds

Would look at new builds up to max 75% LTV. Valuation based on lower of purchase price or valuation. All properties must be in a condition to be let on completion.

Credit Score

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

Rental Calculation

For purchase and capital raising remortgage applications, the following underlying ICR rates will apply:

Limited company applicants: 125% @ 5.50%

Individual applicants: 140% @ 5.50%

Expatriate applicants: 125% @ 5.50%

For remortgage applications without a capital increase or purchases where the initial fixed rate is 5 or more years in duration, the following underlying ICR rates will apply:

Standard properties up to 75% LTV: 125% @ pay rate

Standard properties up to 80% LTV: 130% @ pay rate

HMO/MUFB properties: 130% @ pay rate

Expatriate and FTL applicants: 135% @ pay rate

The underlying affordability of the background portfolio for an applicant will be considered against a minimum underlying ICR rate of 125% @ 5%.
Landbay may consider cases that fail the initial minimum coverage ratio (above) if it is indicated appropriate to do so by using an affordability model. The Landbay affordability model will take into account a number of elements including other income.

Historic CCJ’s & Defaults

No defaults OR CCJ's registered in the last 24 months. If over 24 months then considered on a case by case basis

Valuation Fees

£150 admin fee payable with valuation fee. Further £100 admin fee applies to expat cases. 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

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 £80,000
Must be suitable for letting at completion
Must be in an area with strong rental demand as determined by our surveyor partners

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

HMOs & Multi Unit Freehold blocks (MUFBs):

Max. 75% LTV

Max. 15 bedrooms considered

MUFBs – max. units 10

MUFBs – 25sqm min. unit size

Min. 1 years’ prior experience as a landlord.

Location

Will lend in England and Wales

Type of Credit Search conducted at AIP stage

Hard credit search

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