Landbay has launched a product transfer option for buy-to-let (BTL) borrowers, allowing them to switch to a new rate up to three months before their deal ends.
The fully digital and automated application service is expected to deliver savings for BTL landlords, Landbay said, as legal costs have been removed, and it offers both automated and Royal Institution of Chartered Surveyors (RICS) valuations to avoid related fees.
The product transfer range was developed with feedback from brokers and is open to landlords with houses in multiple occupation (HMOs) or multi-unit freehold block (MUFB) properties. Landbay said this was not readily available in the BTL market.
This comes after Landbay was the first BTL-only lender to introduce automated valuation models (AVMs) to products.
Rob Stanton (pictured), sales and distribution director at Landbay, said: “With the help of our broad funding model, our in-house technology and our talented team, we are thrilled to be launching a product transfer proposition for our brokers and their landlord clients. It’s a tremendous opportunity for us to better look after our existing clients while helping our brokers expand their toolkits and provide their clients with more options.
“We are always looking at how we can improve our range to not only drive new efficiencies but to help brokers stay competitive and answer the demands of the market. Timing is absolutely everything in the buy-to-let market, particularly for those looking to refinance. This new addition not only streamlines this process but provides greater convenience and potential cost savings, which will be most welcome given the current market landscape.”
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More launches to come
Stanton added: “It’s important to note that this launch is just the beginning.
“As to be expected from Landbay, we will continue to develop and expand this proposition as soon as the opportunity presents itself, ensuring it delivers as much value as possible.”
