First Time Buyer Guide to buying your own home.
Elevate your move with our tailored Home Mover Mortgage for a smooth transition to your new dream home.
Refinance with our Home Owner Remortgage for better rates, releasing equity, or funding improvements—empowering your homeownership journey.
Dive into property investment with our Buy-to-Let Mortgage, tailored for both seasoned investors and first-timers seeking to build a profitable portfolio.
Transform your vacation home investment dreams into reality with a Holiday Let Mortgage,
Green Mortgages 🌳 are a new type of mortgage that rewards you for making your home more energy efficient.
Mortgages Adverse Credit Mortgages 📉 are for people with a poor credit history.
Cut NHS wait times with private medical care and private hospitals.
Pay off your mortgage if you or your partner die.
Navigate property transitions seamlessly with our Bridging Finance, offering quick and secure solutions for your short-term financial needs.
Secure your auction triumph with Auction Finance, providing the financial backing needed to confidently bid and acquire your desired property.
Ideal for landlords looking to remortgage with no changes to their current borrowing
Landbay has reduced the affordability stress tests for like-for-like remortgages on its buy-to-let (BTL) mortgages.
Instead of using the standard pay rate plus 2%, the stress test is based simply on the pay rate, aligning the 2-Year Fixed Rate Mortgage with Stress Tests on 5-Year Fixed Rate Mortgages.
This is ideal for landlords looking to remortgage with no changes to their current borrowing requirements and who are seeking a shorter-term product where meeting affordability criteria may have presented issues.
If we look at a standard individual basic rate taxpayer, getting a 75% LTV 2-Year Fix at 5.89%
An extra £41,000 for like-for-like remortgages.
LandBay's update aligns remortgage like-for-like stress tests with other Buy-to-Let (BTL) Mortgage Lenders such as The Mortgage Works. Both lenders now offer similar like-for-like stress tests. However, TMW provides lower rates and offers a comparable product at 4.24% but has a minimum stress rate at 4.5%. This means that landlords receiving £1,000 rent can borrow up to £213,333.
In comparison to other mortgage lenders:
#The Formula:
Rent (times) 12 (divide) ICR Rate (divide) Stress Rate
#Before, it was:
£1000 (times) 12 (divide) 125% (divide) 7.89%
#But now it is:
£1000 (times) 12 (divide) 125% (divide) 5.89%
#or
((1000*12)/125%)/5.89%
What is PayRate? In this context its the mortgage rate charged in the initial 2-Year Fixed period of the mortgage.
What is Interest Cover Ratio (ICR)? When considering Basic Rate Taxpayers, most lenders typically require rental income to cover 125% of the interest charged on the loan. This means that the rental income must cover all of the rent plus an additional 25%.
What is Like-for-Like Remortgage? This is when you remortgage with no additional borrowing. You get the same mortgage amount you currently have but with a new mortgage lender.
We are your online mortgage broker, offering you the convenience of applying for a mortgage online. However, we understand that sometimes you may prefer to speak with a human - phone, email or in person.
31 Bradford Chamber Business Park,
New Lane, Bradford, BD4 8BX
Looking for career in Mortgage Advice? View job openings.
We are authorised and regulated by the Financial Conduct Authority (No. 919921). The FCA does not regulate most Buy to Let mortgages.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Cyborg Finance Limited is registered in England and Wales (No. 12131863) at Bradford Chamber, New Lane, Bradford, BD4 8BX