Landbay, one of the UK’s leading buy-to-let lenders, has today increased its maximum loan sizes from £1m to £1.5million on all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs). It has also increased the maximum loan size on new build properties to £750,000 up from £500,000 across its whole range.
Landbay has also increased its maximum loan to value (LTV) to 75% on small HMOs and MUFBs up from 70% LTV previously.
In addition to these criteria changes, it is decreasing interest rates on standard properties including new builds. With effect from this morning, Tuesday 21st July 2020, the new rates will be:
- 2 year fixed rate 3.54% up to 75% LTV
- 5 Year fixed rate 3.54% up to 60% LTV
- 5 Year fixed rate 3.74% up to 75% LTV
Landbay will also continue to offer its hugely popular, lifetime tracker rate with no early redemption charges.
All new applications will of course benefit from Landbay’s instant Decision in Principle (DiP), launched at the end of March. This highly-streamlined application process, uses intuitive technology and takes only two minutes from start to finish. Landbay’s whole application process is paperless and can be completed in just nine simple steps. Intermediaries still get full access to underwriters and Landbay’s specialist buy-to-let team.
Paul Brett, Managing Director of Intermediaries at Landbay, said, “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.”