Landbay launches large loans range
To meet the growing demand for larger loan sizes in the buy-to-let space, Landbay has launched a new product range for loans up to £1.5m.
This large loan product range consists of five-year fixed rates for standard properties, HMOs, MUFBs and trading companies.
The new five-year fixed large loan products:
- Standard Property – 75% LTV – Up to £1.5m @ 3.24%
- New Build Standard Property – 65% LTV – Up to £1.5m @ 3.24%
- New Build Standard Property – 75% LTV – Up to £1m @ 3.34%
- Small HMO & MUFB – 75% LTV – Up to £1.5m @ 3.59%
- New Build Small HMO & MUFB – 75% LTV – Up to £1m @ 3.69%
- Small Portfolio Landlord Standard Property – 75% LTV – Up to £1.5m @ 3.14%
In addition, Landbay has raised the maximum loan size on existing five-year fixed rate products to £1.5m from £1m with no change in rates on the following products:
- Large HMO & MUFB (up to 12 bedrooms) – 75% LTV – up to £1.5m @ 3.99%
- Trading company Standard Property – 75% LTV – up to £1.5m @ 3.69%
- Trading company Small HMO & Small MUFB – 75% LTV – Up to £1.5m @ 3.99%
Paul Brett, Landbay’s managing director, Intermediaries, commented: “We are seeing more landlords wanting larger loans particularly for investment in HMOs and MUFBs. They tend to be professional landlords with growing portfolios who want to invest in larger properties.
“There has also been an increase in trading limited companies investing in HMO and MUFBs. This type of accommodation attracts higher yields for landlords and even if there are vacancies within the property there is always income from the other tenants.”