Why Landbay? Why Now?

Having navigated the complexities of the mortgage landscape over the last 20+ years, there is not much that Ian doesn’t know when it comes to the buy to let sector. 

Ever with a smile on his face, Ian is a regular to The Buy to Let Broker HQ and is a firm favourite with the team for assisting with our more complex buy to let cases. 

A true expert when it comes to high-yielding properties such as multi-unit freehold blocks, HMOs as well as limited company portfolio structures, we think it could be his topic of choice if he ever did Mastermind. 

Now working as Head of Sales – North with specialist lender, Landbay, we thought it was about time we properly pick his brains on the ins and outs of buy to let in the current market and how Landbay are supporting landlords even more in 2024.

Welcome Ian, we’ve got just 8 quick questions for you, so let’s get started…

• Industry wise, what are you looking forward to most in 2024?

Some stability, please! For borrowers first, which in turn will help brokers and lenders. We have seen green shoots over the last few months, with inflation looking to be on the right trajectory, but SWAPS continue to be tempered by the political uncertainty which the UK is facing. It will be interesting to see whether there is any impact with the recent budget; as we all know, the government will be hoping for a strong property market just before an election.

• You have been with Landbay for many years now, what sets you apart from the rest? 

 It feels like ten years with the turbulence in the market, but it’s only been six years. What a time it’s been! It’s our constant drive to make things better for brokers and landlords. We’ve introduced our broker portal, which enables us to launch innovative products such as 5-year fixed rate products with a shorter ERC and criteria niches, including our new AVM range. However, we must keep adapting to the market and finding new solutions for brokers and landlords.

• What current BTL trend do you not see going away any time soon?

Incorporations. Once again, the number of limited companies set up for rental last year continued to grow, even when buy-to-let lending was down. Clients must have the correct advice from their brokers, accountants and solicitors, ensuring they have the relevant experience.

• Landbay has an ethos of being a client-first company, so how has Landbay been supporting landlords over the last year and what further plans do you have for 2024?

Our primary focus for landlords over the past year has been to assist with affordability. We were one of the first buy-to-let lenders to offer a variable fee structure when the sharp rise in rates meant affordability was squeezed. By allowing larger fees to be offset against mortgage rates, Landlords could achieve previously unattainable borrowing levels. We will continue to monitor the market and see where we can innovate with our product sets. This year has already seen the launch of our new 0% fee products, which have become an overnight success, especially in the North region, where affordability is less challenged.

• What hurdles are you seeing most buy to let applications hit right now that landlords should be aware of?

There continue to be challenges over ICR. Not so much on the 5-year fixed rates given our variable fee products; however, the ICR is still a hurdle for Landlords looking to fix for 2 years or trackers products. We have made inroads on this by offering lower ICRs on these rates for like-for-like debt, but it’s still tough, given the PRA requirements on rates below 5 years.

• Landbay recently launched a No ERC product range and a brand new AVM BTL product range, what are the highlights of these?

Our AVM range has allowed landlords and brokers to reach offer quicker than ever. It’s a regular occurrence now to see offers go out in under 24 hours, but it is not just a saving in efficiency; we’ve seen a significant reduction in valuation fees as Landbay removes this cost. Removing a physical valuation reduces the inconvenience to the landlord and tenants, which can cause delays and increase costs. The AVM range is currently on our 5-year fixed standard property range with an LTV of up to 70%

• For you, why is Landbay one for landlords to consider in 2024, where are the niches?

We will continue working on ways to help landlords as we have in the past few years with new product incentives and continue exploring those niches. ICR will continue to be a niche we explore to ensure landlords and brokers have the necessary choices. Still, we will also focus on post-offer efficiencies, which will work nicely with our pre-offer efficiencies.

• What’s next? Can you give us an exclusive here and now?

I’m more confident the Buy to Let market will come through the storm of the last few years with a strong finish to the year, unlike the confidence I have in my beloved Everton staying up !

• Lastly, what do we not know about Ian Hall on a personal level?!

My guilty pleasure is McDonald’s. I love them and can barely go a day without them. My favourite is when they launch a new exclusive range – variety is the spice of life, after all. It has become a running joke with my colleagues here at Landbay! However, my wife has stepped in and enforced a complete fast food ban. So soups and smoothies for me for the time being…

Thanks for that Ian, ever the fountain of insight and ever a joy to chat to. 

For us, the mortgage sector is built on a foundation of collaboration and Landbay is one of the leading buy to let specialist lenders that we have worked closely with over the last decade, and long may it continue.