Landbay increases maximum lending limit to £1.5m
Buy-to-let lender Landbay has increased its maximum lending amount from £1m to £1.5m on all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
Landbay also increased the maximum lending limit 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 has also decreased interest rates on standard properties, including new builds.
The new rates will be: 2-year fixed rate at 3.54% up to 75% LTV; 5-year fixed rate at 3.54% up to 60% LTV; and 5-year fixed rate at 3.74% up to 75% LTV.
Paul Brett (pictured), 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 [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.”