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 lender has also increased the maximum loan size on new build properties to £750,000 up from £500,000 across its whole range.
In addition, Landbay has increased its maximum loan to value (LTV) to 75% on small HMOs and MUFBs up from 70% LTV previously.
In addition to these criteria changes, has lowered rates on standard properties including new builds.
The new rates are as follows:
- Two-year fixed rate: 3.54% up to 75% LTV
- Five-year fixed rate: 3.54% up to 60% LTV
- Five-year fixed rate: 3.74% up to 75% LTV
Landbay will also continue to offer its lifetime tracker rate with no early redemption charges.
Paul Brett (pictured), 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.”
