Landbay, one of the UK’s leading buy-to-let lenders, has today launched two new ‘large loan’ buy-to-let products with loan sizes of up to £2m. Previously the maximum loan size available was £1.5million.
Both of the new products are available on 2 and 5-year fixed rates, at 65% LTV and come with the same rates as the existing equivalent 70% LTV products. The 2-year fixed rate product comes with a rate of 3.35% and the 5-year fixed has a rate of 3.55%.
Landbay now has funding for its buy-to-let mortgages from three different streams: An investment bank sponsored securitisation programme, from a deposit taking bank and now an international, multi-billion dollar asset manager. The new funding lines announced previously have enabled Landbay to refresh its entire product range. Despite the high levels of demand Landbay is conducting all business, within its service level agreement with offers being issued within 72 hours.
All new qualifying remortgage applications will benefit from free Title Indemnity Insurance and Landbay’s instant Decision in Principle (DiP), saving time and money for Landlords. Intermediaries always have direct access to a highly experienced team of underwriters and BDMs who understand the buy-to-let mortgage market and the importance of getting a case over the line quickly.
Paul Brett, managing director of Intermediaries at Landbay, said, “The higher £2m loan threshold will be music to the ears of intermediaries whose clients are looking for larger properties in more expensive areas. These new ‘large loan’ products complement the rest of the product range and thanks to our new funder, will allow Landbay to support more intermediaries and their clients.
“Overall, the buy-to-let market remains robust with recent reports showing increases in rents across the UK, particularly in rural areas. As the housing ladder still is inaccessible for many people, the rental market remains a solid investment.”