The minimum property value has been lowered on its core products from £75,000 to £65,000.
Additionally, its LTV has been increased from 70% to 75% for properties above commercial units. The maximum loan size for Landbay’s Special Edition range has been increased from £1m to £1.5m.
The lender has also lowered the new non-portfolio landlord five-year fixed rate products by 0.05% to 3.39%.
Paul Brett, Managing Director, Intermediaries at Landbay, commented: “With the rental market currently booming, some landlords are looking to diversify their portfolios. We have been seeing southern based landlords venturing further afield and buying less expensive properties in the north as the yields are higher.
“With the pandemic showing remote working can be effective, we may see more landlords looking to invest in properties away from their local area. The added flexibility in our range will support this expansion, and combined with our efficient service and turnaround times, we have an unrivalled offering that suits all client needs.”
Original article featured here…
Last month, Landbay announced a new range of BTL products, designed to cater for trading limited companies that are purchasing or remortgaging HMOs, MUFBs and standard properties.