Landbay and Paragon extend BTL loan limits

by: James Staunton
  • 08/12/2020
  • 0
Landbay and Paragon extend BTL loan limits
Landbay has increased its maximum loan to value (LTV) from 75 to 80 per cent with two new buy-to-let products.

 

The deals, available on standard properties, mean Landbay is now back at pre-lockdown LTV levels.

The products are available on two and five-year fixed rates. The two-year fixed rate product comes with a rate of 3.79 per cent and the five-year fixed has a rate of 3.99 per cent. The rates are available for loans from £100,000 up to £750,000.

Paul Brett, managing director of intermediaries at Landbay, said: “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.”

In November, Landbay secured an additional £300m in funding for its buy-to-let mortgage lending.

 

Paragon extends maximum loan value

Meanwhile, Paragon is launching a new five-year fixed rate for larger loans.

The new 75 per cent loan-to-value (LTV) product has an interest rate of 3.50 per cent, includes a free mortgage valuation, and has a fixed product fee of £3,500 and £299 application fee.

The product is available on single self-contained (SSC) properties with loans between £350,000 and £1m.

Paragon director of mortgage sales Moray Hulme said there was currently strong demand throughout the market and the lender was looking to serve landlords seeking higher value properties.

 

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