Landbay expands max lending to £1.5m and lowers rates
Paul Brett

Landbay expands max lending to £1.5m and lowers rates

Landbay has increased its maximum loan size from £1m to £1.5m on all standard properties, HMOs and MUFBs.

It has also enlarged the maximum loan size on new build properties to £750,000, up from £500,000 across its whole range.

The maximum LTV has been increased to 75% on small HMOs and MUFBs, up from 70% LTV previously.

In addition to these criteria changes, it is lowering interest rates on standard properties, including new builds.

The new rates will be: 

  • two-year fixed rate at 3.54% up to 75% LTV 
  • five-year fixed rate at 3.54% up to 60% LTV
  • five-year fixed rate at 3.74% up to 75% LTV

Landbay will also continue to offer its lifetime tracker rate with no early redemption charges.

All new applications will benefit from an instant decision in principal, which was launched at the end of March.

The paperless application process only takes two minutes from start to finish and can be completed in just nine steps.

Intermediaries still get full access to underwriters and its specialist BTL team.

Paul Brett, managing director of intermediaries at Landbay (pictured above), said: “The BTL 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 SDLT, I believe that savvy landlords will exploit this opportunity to the full, which will only be a good thing for the BTL market and everybody in need of private rental accommodation.”

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