Landbay Launches New Loan Products for Small Landlords
Landbay has today launched two brand new products to its catalogue for landlords with three properties or less.
The first is a 2-year fixed rate at 2.85 per cent up to 65 per cent loan to value (LTV), available on loans of up to £1.5m.
The second is a 5-year fixed rate at 3.25 per cent up to 65 per cent LTV, also available on loans up to £1.5m in value.
In addition, the lender is lowering existing rates on some of its products. The 75 per cent LTV (non-portfolio) 2 and 5-year fixed rates will be:
- 2-year fixed rate – 2.95 per cent up to 75 per cent LTV, down from 3.14 per cent – 1.75 per cent fee and a free valuation
- 5-year fixed rate – 3.35 per cent up to 75 per cent LTV, down from 3.39 per cent – 1.75 per cent fee and a free valuation
- 2-year fixed rate – 2.95 per cent up to 75 per cent LTV, down from 3.14 per cent – 1.5 per cent fee
- 5-year fixed rate – 3.35 per cent up to 75 per cent LTV, down from 3.39 per cent – 1.5 per cent fee
These products are available on standard properties only and can be taken out by both limited companies and individuals.
Paul Brett, managing director, 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.
He added: “These rates continue to consolidate Landbay’s leading position as a specialist buy-to-let 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.”