Buy-to-let (BTL) lender Landbay has brought out a range of two- and five-year fixed rates available through an automated valuation model (AVM).
Landbay’s new AVM range includes two-year fixed rates going up to 75% loan to value (LTV), with pricing starting from 3.74% at 70% LTV and going up to 3.79% at 75% LTV.
Non-portfolio landlords with three or fewer mortgaged properties can secure five-year standard deals available up to 75% LTV, with rates beginning from 4.29% at 70% LTV and 4.54% at 75% LTV.
Variable fees are available to offer “enhanced affordability” and a £249 application fee is in place on all products.
By using AVMs, the lender says it can offer an average saving of £500 by removing the need for valuation fees.
Rob Stanton, sales and distribution director at Landbay, said: “We’ve seen first-hand just how AVMs can transform the buy-to-let mortgage process, helping us to enhance our offering and deliver a faster service at a reduced cost. Given how timing can make or break a deal in such a changeable market, this is absolutely critical and hugely valuable. We’re thrilled to help our broker partners to support their landlord clients with this innovative product range.
“This latest launch only further proves our commitment to product innovation, staying close to the market and working collaboratively with funders to deliver a competitive range of products. Through this approach, we remain incredibly agile and able to help our broker clients meet a broad range of landlord requirements.”
Earlier this year, Landbay incorporated AVMs to speed up offer times significantly.
Molo cuts BTL UK resident, expat and non-UK resident deals by up to 0.2%
Specialist BTL lender Molo has lowered rates across its UK resident, expat and non-UK resident ranges, with pricing starting from 4.15%.
Within its UK resident range, two-year fixed rates will start from 4.15% for individual and limited company borrowers at 75% LTV and five-year fixed rates begin at 4.79%.
On the specialist property side, two-year fixed rates start from 4.3% and five-year fixed rates are priced from 4.94%. This is applicable to portfolio landlords with BTL houses of multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), holiday lets, and new-build properties.
In the expat range, two- and five-year fixed rates are priced from 5.94% for capital and interest mortgages.
On the non-UK resident side, the firm’s five-year fixed rates start from 7.54% for capital and interest mortgages.
Martin Sims, Molo’s distribution director, said: “Our intermediary partners demand consistently competitive rates. These products continue to support brokers whilst they, in turn, provide their clients with compelling funding solutions.”
Earlier this month, ColCap Financial bought the remaining 20% stake in Molo Tech Limited, making the lender a wholly owned subsidiary.
The Australian non-bank lender bought an 80% stake in the business in 2023, building on a strategic relationship established with Molo in 2022.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
