Landbay has launched two new buy-to-let products, with loan sizes of up to £2m.
Previously, the buy-to-let mortgage lender offered a maximum loan size of £1.5m.
Both of the new products are available on two and five-year fixed rates, at 65 per cent loan-to-value (LTV) and come with the same rates as the existing equivalent 70 per cent LTV products.
The two-year fixed rate product comes with a rate of 3.35 per cent and the five-year fixed has a rate of 3.55 per cent.
Landbay has secured three institutional partnerships in the past 18 months, most recently a £300m-a-year funding line from an asset manager which was unveiled this week.
The platform said that these funding lines have enabled it to refresh its entire product range.
Landbay said that all new qualifying remortgage applications will benefit from free title indemnity insurance and its Decision in Principle – a two-minute process which speeds up applications.
“The higher £2m loan threshold will be music to the ears of intermediaries whose clients are looking for larger properties in more expensive areas,” said Paul Brett, managing director of intermediaries at Landbay.
“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 buy-to-let 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.”
Landbay exited the peer-to-peer lending market last December when it decided to move its focus away from retail investors. Chief executive John Goodall told Peer2Peer Finance News at the time that the firm had made a strategic decision to look at different funding sources.