Landbay increases maximum loan size to £2m

Landbay has launched two new buy-to-let (BTL) products with loan sizes of up to £2m, increasing its maximum loan size from £1.5m.

The BTL lender revealed that both of the new products are available on two and five-year fixed rates at 65% LTV, and come with the same rates as the existing equivalent 70% LTV products.

The two-year fixed rate product comes with a rate of 3.35% and the five-year fixed has a rate of 3.55%.

Landbay announced yesterday that it now has funding for its BTL mortgages from three different streams having agreed a new deal with an asset manager, which joined an investment bank sponsored securitisation programme as well as investment from a deposit taking bank.

Landbay managing director of intermediaries, Paul Brett, said: “The higher £2m loan threshold will be music to the ears of intermediaries whose clients are looking for larger properties in more expensive areas. These new ‘large loan’ products complement the rest of the product range and thanks to our new funder, will allow Landbay to support more intermediaries and their clients.

“Overall, the BTL market remains robust with recent reports showing increases in rents across the UK, particularly in rural areas. As the housing ladder still is inaccessible for many people, the rental market remains a solid investment.”

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