According to the lender, the minimum property value on its core products have been lowered by £10k to £65,000 from £75,000 in a move that will appeal particularly to landlords investing in parts of northern England and Wales. For properties above commercial units, Landbay is increasing the loan to value (LTV) to 75%, up from 70%.
The lender is also increasing the maximum loan size for its Special Edition range to £1.5m, up from £1m as well as reducing the rates of its recently launched non-portfolio landlord five-year fixed rate products to 3.39%, down five basis points.
Paul Brett, Managing Director, Intermediaries at Landbay, commented: “With the rental market currently booming, some landlords are looking to diversify their portfolios. We have been seeing southern-based landlords venturing further afield and buying less expensive properties in the north as the yields are higher.
“With the pandemic showing remote working can be effective, we may see more landlords looking to invest in properties away from their local area. The added flexibility in our range will support this expansion and combined with our efficient service and turnaround times, we have an unrivalled offering that suits all client needs.”
