Landbay ups maximum lending limits and lowers rates

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  • 21/07/2020
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Landbay ups maximum lending limits and lowers rates
Landbay has increased its maximum loan sizes from £1m to £1.5m and reduced mortgage rates on select deals.

 

The bigger loan amounts apply to all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).

New build loans have been increased to £700,000 from £500,000.

At the same time, the lender has increased its maximum loan to value (LTV) to 75 per cent on small HMOs and MUFBs from 70 per cent.

Rates are being cut on products for standard properties including new builds.

It means Landbay will now offer a two-year fixed rate at 3.54 per cent at up to 75 per cent LTV, as well as five year fixed rates of 3.54 per cent and 3.74 per cent at 60 and 70 per cent LTV respectively.

Paul Brett, managing director of intermediaries at Landbay (pictured), 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 stamp duty, 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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