The lender has added products available up to 55 per cent and 65 per cent LTV on loans of up to £1.5m. These sit alongside the existing 75 per cent loans, which are subject to an increased maximum loan size of £1m, up from £500,000.
Products on the special edition range ‒ which were launched at the start of the year ‒ come with variable fees ranging from two per cent to seven per cent.
As a result, the range now includes a deal at 4.39 per cent, with a seven per cent fee, available up to 55 per cent LTV. Alternatively, borrowers can secure a lower fee of two per cent, but will pay a 5.39 per cent rate.
At 65 per cent LTV, the rates are set at 4.49 per cent and 5.49 per cent, with a seven per cent or two per cent fee respectively. And at 75 per cent LTV, the rates of 5.09 per cent or 5.69 per cent come with fees of five per cent or two per cent respectively.
Paul Brett (pictured), managing director of intermediaries at Landbay, said that having products with fees of up to seven per cent was a “bold step”, but had been introduced following broker feedback requesting flexibility around the interest cover ratio (ICR).
He added: “Brokers who understand the buy-to-let market will know which rate/fee combination is right for their clients.
“The choice of rates and fees will allow more landlord borrowers to pass the ICR calculation requirements, especially for basic rate taxpayers as we lowered the ICR last week to 125 per cent from 140 per cent.”
