Landbay increases flexibility and lowers rates
Buy-to-let lender Landbay is adapting its market leading product range to add flexibility for intermediaries and their clients.
The award-winning lender is lowering the minimum property value on its core products to £65,000 from £75,000. This will appeal particularly to landlords investing in parts of north England and Wales.
For properties above commercial units, Landbay is increasing the loan to value (LTV) to 75%, up from 70%.
Landbay is also increasing the maximum loan size for its Special Edition range to £1.5m, up from £1m.
In addition, the recently launched non-portfolio landlord five-year fixed rate products have been reduced to 3.39%, down five basis points.
Paul Brett, managing director, Intermediaries at Landbay, commented: “With the rental market currently booming, some landlords are looking to diversify their portfolios. We have been seeing southern based landlords venturing further afield and buying less expensive properties in the north as the yields are higher.
“With the pandemic showing remote working can be effective, we may see more landlords looking to invest in properties away from their local area. The added flexibility in our range will support this expansion, and combined with our efficient service and turnaround times, we have an unrivalled offering that suits all client needs.”
