Landbay has increased its maximum loan size as it looks to take advantage of the stamp duty holiday and reopening of the property market.
The alternative buy-to-let lender has raised its maximum loan sizes from £1m to £1.5m on all standard properties, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs), and on new build properties from £500,000 to £750,000.
It has also increased its maximum loan to value (LTV) to 75 per cent on small HMOs and MUFBs up from 70 per cent LTV previously.
Read more: Landbay LTVs return to pre-lockdown levels
“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,” Paul Brett (pictured), managing director of intermediaries at Landbay, said.
“With a combination of low interest rates and the temporary reduction of stamp duty, 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.”
Read more: Landbay reveals data-driven growth strategy