Landbay

Mortgage Type

Specialist BTL/Commercial

Property 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 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)

£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 £75,000
Must 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)

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.
Can accept Spousal visa’s - subject to review.

Ex-Patriates

No

New Builds

Maximum Loan to value 70%. 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

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

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.

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 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

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