Landbay has responded to the growing demand for buy-to-let property by increasing its maximum loan sizes from £1m to £1.5m on all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
The lender has also increased the maximum loan size on new build properties to £750,000 up from £500,000 across its whole range.
In addition, Landbay’s maximum loan to value (LTV) is now 75% on small HMOs and MUFBs, up from 70% LTV previously.
Aside from the criteria changes, Landbay has reduced interest rates on standard properties including new builds.
The new rates are 3.54% on up to 75% LTV on two-year fixed rate deals, and up to 60% LTV on a five-year deal.
There is also a five-year fixed rate product available at 3.74% up to 75% LTV.
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 SDLT, 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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