Landbay
has increased its maximum loan sizes from £1m to £1.5m as it looks to take advantage of recent stamp duty cuts and the resumption of the property market.
The loan size increase will be effective for all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
It will also include new build properties from £500,000 to £750,000 across its whole range.
The alternative buy-to-let lender has also increased its maximum loan-to-value (LTV) to 75 per cent on small HMOs and MUFBs, up from 70 per cent LTV previously.
Rates on standard properties including new builds were reduced earlier this week, on 21 July, as follows:
- Its two-year at 75 per cent LTV reduced from 3.64 to 3.54 per cent.
- Its five-year fixed rate at 60 per cent LTV reduced from 3.75 to 3.54 per cent.
- Its five-year fixed at 75 per cent LTV reduced from 3.85 to 3.74 per cent.
Product fees for all three products remain at 1.5 per cent
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Paul Brett, managing director of intermediaries at Landbay, commented:
“The buy-to-let market has experienced a strong bounce back since the easing of lockdown restrictions and the combination of these new lower rates, together with competitive loan sizes and LTVs will help landlords to expand their portfolios, or remortgage their existing properties,”
“With a combination of low interest rates and the temporary reduction of stamp duty, I believe that savvy landlords will exploit this opportunity to the full, which will only be a good thing for the buy-to-let market and everybody in need of private rental accommodation.”
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Matt Lenzie from Commercial Mortgages Broker said: “it’s great to see that Landbay has increased LTV’s back to “normal”. This is a further demonstration of the confidence returning to the market post lockdown.”