Landbay and Pluto announce specialist finance product changes

Landbay and Pluto Finance have updated their specialist finance offerings with new products and rate cuts.


Landbay has launched two new offerings for landlords with three properties or less.

The first is a two-year fixed rate of 2.85% at up to 65% LTV, which offers loans up to £1.5m.

The second is a five-year fixed rate at 3.25% at up to 65% LTV, also available on loans up to £1.5m.

In addition, the lender is lowering existing rates on some of its two- and five-year 75% LTV products for non-portfolio borrowers.

The two-year fixed-rate options now come at 2.95% — the first offers a 1.5% fee, while the second has a 1.75% fee and a free valuation.

Meanwhile, the rate for the five-year fixed products has been lowered to 3.35%, both for the 1.5% fee product and the 1.75% offering with a free valuation.

They are available on standard properties only and can be taken out by limited companies and individuals.

Paul Brett, managing director for intermediaries at Landbay, said: “The rental market is thriving, and we maintained our position at the forefront of this flourishing sector during the pandemic. 

“We were one of the few lenders who continued to lend throughout lockdown, during which we successfully retained our rapid turnaround times. 

“These rates continue to consolidate Landbay’s leading position as a specialist BTL lender, and I am sure there are many brokers out there who will be taking a sigh of relief at being able to offer their clients larger loans that offer added flexibility.”

Pluto Finance

Pluto Finance has introduced a new flexi-rate development exit product for completed stock.

It offers loans up to £3m at a maximum LTV of 77%, with interest rates equal to the development’s LTV.

It comes with a 0.5% arrangement fee for up to 70% LTV, going up to 1% for loans above 70%.

In addition, Pluto is extending its flexi-rate pricing to its finish and exit bridging loans.

The revised offering can be used for loans of at a minimum of £3m, at a maximum of 72% LTV with a 1% arrangement fee.

The interest rate until practical completion (PC) is equal to the deal’s LTV plus 0.2% per month.

Once the development reaches PC, the interest rate is reduced to only the LTV equivalent.

The finish and exit product is available for minimum construction draws of £100,000 for developments which are watertight and have an up-to-date building control and newhomes warranty.

It is not available for ground or structural works.

For each case, the lender’s monitoring surveyor will verify the cost to complete the development, which must be no more than 30% of total build costs outstanding.

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