Compare Criteria
Landbay
Mortgage Type
Specialist BTL/CommercialProperty Value (min)
£65,000 Standard
£120,000 HMOs & Multi Units £75,000 for HMO in qualifying areas - BB, BD, CA, CW, DH, DL, FY (Excluding FY1-FY4), HD, HX, L, LA, M, NE, OL, PR, SK, TS, WA, WF, WN, YO if none of these, then £120,000
Advance (min)
£30,000
Large Loan range: -
Min. loan size £1,500,000 million
Advance (max)
£750,000 up to 80% LTV - standard properties
£1,500,000 up to 75% LTV - HMO/MUFB
£1,500,000 up to 75% LTV on Standard properties
Large HMO - Max loan £1,500,000 up to 75% LTV
£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 yearsMinimum Age
21 yearsMaximum Age
95 at the end of the mortgage term for Ltd Co’s where one other director is under 85 at end of mortgage termFamily Cash Gift Deposit
Refer - case by caseFamily Gift of Equity Deposit
Refer - case by caseIncome (min)
£25,000 (Combined)£15,000 (Combined) for experienced landlords with more than 24mnths rental experience
At least one applicant much be employed, or self-employed.
NB - Rental income can be included in combination or isolation.
£25,000 (landlord experience <24 months)
£15,000 (Landlord Experience >24 months
Restrictions
Property value must exceed £75,000Must be suitable for letting at the completion
Must be in an area with strong rental demand as determined by our surveyor partners
Number of Floors restricted to 5
No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner-occupied properties
HMO /MUFB – Maximum Loan to Value 70%.
Large HMOs/MUFBs up to 12 units
Properties above commercial. Maximum loan £750,000. Maximum Loan to Value 70%.
Min. 1 years’ prior experience as a landlord unless for small HMO range up to 6 beds
Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental
Let to Buy (Turning Residential into Buy to Let)
NoDWP Tenants
YesEx-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 termMinimum Ownership
No minimumPermanent rights to reside and remain
Yes.Can accept Spousal visa’s - subject to review.
Ex-Patriates
NoNew Builds
Maximum Loan to value 70%. Maximum advance on a new build is £750,000Credit Score
No - currently the credit insight data is reviewed as oppose to scoreRental 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 basisValuation 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
4Countries
Will lend in England and WalesAccess
Access to Landbay is available via selected packagers only, of which 3mc are oneProperty Type / Commercial
Above Commercial - considered up to 75% LTVResidential 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.
Trading Limited Companies are acceptable, however the company must have the related SIC code for property rental
Number of Floors restricted to 5
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
No holiday lets, Airbnb, consumer buy-to-lets, shared ownership, Help to buy, Right to Buy or owner occupied properties.
Large HMOs/MUFBs up to 12 units
Location
Will lend in England and WalesType of Credit Search conducted at AIP stage
Hard credit searchPortfolio 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
