Landbay has increased its maximum loan sizes from £1m to £1.5m on all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).
The buy-to-let (BTL) lender announced it is increasing its maximum loan size 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 which is up from 70% LTV. As well as the criteria changes, the lender revealed it is also decreasing interest rates on standard properties including new builds.
“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,” Landbay managing director of intermediaries, Paul Brett, commented.
“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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