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Landbay ups max lending limit to £1.5m and cuts rates

Buy-to-let lender Landbay has upped its maximum loan sizes from £1m to £1.5million on all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs).

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

The lender has also raised its maximum loan to value (LTV) from 70% to 75% on small HMOs and MUFBs.

Following some rate cuts Landbay’s 2-year fixed rate now stands at 3.54% to 75% LTV, while its 5-year fixed rates cost 3.54% to 60% LTV and 3.74% to 75% LTV.

Paul Brett, managing director of Intermediaries at Landbay, said: “The buy-to-let 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 buy-to-let market and everybody in need of private rental accommodation.”

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