Landbay launches new AVM buy-to-let range

Landbay has announced the launch of a new range of two-year and five-year buy-to-let products, available through an automated valuation model (AVM).

The new AVM range includes two-year standard options available up to 75% LTV, with rates starting at 3.74%. Non-portfolio landlords with three or less mortgaged properties can access five-year standard products, also available at up to 75% LTV, with rates beginning at 4.29%. All products are available using Landbay’s variable fee structure for enhanced affordability.

Landbay integrate AVMs earlier this year to speed up offer times. The lender has found that it is on average three-times faster than a standard application, with some cases receiving an offer within 24 hours of the decision in principle.

By integrating AVMs, Landbay can also offer a saving of on average £500 by removing the need to pay valuation fees. In one example, a Landbay client saved as much as £4,000 in valuation fees across their portfolio.

The new addition to the Landbay range follows a recent rate reduction of up to 0.20% across its standard five-year fixed and small HMO/MUFB ranges. The new non-portfolio range, along with its standard two-year range also recently saw a rate reduction of up to 0.40%.   

Rob Stanton, sales and distribution director at Landbay, said: “We’ve seen firsthand 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.”