Landbay, one of the UK’s leading buy-to-let lenders, has today increased its loan to value (LTV) from 75% to 80% with the launch of two new buy-to-let products. These new products, available on standard properties, mean Landbay is now back at pre-lockdown LTV levels with very competitive interest rates.
The new products are available on two and five-year fixed rates. The two-year fixed rate product comes with a rate of 3.79% and the five-year fixed has a rate of 3.99%. The rates are available for loans from £100,000 up to £750,000.
The launch of these new products also follows the news that Landbay reached number six on the Deloitte UK Fast 50 due to a 5,500% growth in turnover over the past four years. Landbay was the top ranked mortgage lender and is listed as the third fastest growing FinTech business on the list.
Despite these high levels of demand, Landbay is conducting all business, within its service level agreement and provides an instant Decision in Principle (DiP).
Paul Brett, managing director of Intermediaries at Landbay, said, “Intermediaries and property investors have been crying out for higher LTV buy-to-let products and so the increase of our LTVs to 80% at market leading rates should be incredibly welcome. This increase in our maximum LTV, along with free Title Indemnity Insurance and free valuations, means we now have a product range which exceeds many others in the market.
“These new products will be very positive news to intermediaries, enabling their clients to increase their portfolios in time to take advantage of the stamp duty holiday. However, time will be of the essence and lender service standards will be everything over the next few weeks.
“As we edge closer to the stamp duty deadline, it will be more and more important that intermediaries look to work with lenders like Landbay, who have continuously kept to their SLAs and who have systems in place to ensure they can process applications quickly and efficiently.”