Paul Brett

Landbay lowers rates

Landbay has updated its product range to provide more flexibility to intermediaries and their clients.

The lender has lowered the minimum property value on its core products from £75,000 to £65,000 in order to appeal to landlords, particularly those investing in parts of North England and Wales.

For properties above commercial units, Landbay is increasing the LTV to 75%, up from 70%.

It is also upping the maximum loan size for its special edition range from £1m to £1.5m.

In addition, the recently launched non-portfolio landlord five-year fixed-rate offering has been reduced to 3.39%, down five basis points.

Paul Brett, managing director for intermediaries at Landbay (pictured above), 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.” 

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