Legal & General Mortgage Club Announces Landbay Product Changes
Legal & General Mortgage Club has today announced two new semi-exclusive, buy-to-let mortgage products for its members. The products are available from Landbay and will suit individuals and limited companies (SPV).
Mortgage advisers using Legal & General Mortgage Club will access two five-year, fixed rate mortgages. The first, with a rate of 3.09 per cent, has a maximum loan-to-value of 70 per cent, a 1.5 per cent product fee and tiered ERCs (5 per cent, 5 per cent, 3 per cent, 2 per cent and 2 per cent). The product is also subject to a 5.0 per cent reversion rate (+BBR) and has a loan limit of £30,000 – £1.5m. The second product is only different in that its maximum loan-to-value is 75 per cent, its minimum loan amount is £75,000 and its rate is 3.19 per cent.
Both products allow for day one remortgages and are available for properties situated above, or adjacent to, commercial structures, although this is subject to terms. Layered limited companies may also qualify and there is a capital raising facility. Landbay’s products do not, however, accept new builds or trading limited companies.