Property lending platform Landbay has launched two new buy-to-let (BTL) products, and increased the maximum loan to value (LTV) on BTL properties from 75 per cent to 80 per cent.
The two new BTL products include a two-year fixed rate deal with a rate of 3.79 per cent; and a five-year fixed rate at 3.99 per cent. Both of these new rates are available for loans from £100,000 to £750,000, at a maximum 80 per cent LTV.
“Intermediaries and property investors have been crying out for higher LTV buy-to-let products and so the increase of our LTVs to 80 per cent at market-leading rates should be incredibly welcome,” said Paul Brett, managing director of intermediaries at Landbay.
“This increase in our maximum LTV, along with free title indemnity Insurance and free valuations, means we now have a product range which exceeds many others in the market.
“These new products will be very positive news to intermediaries, enabling their clients to increase their portfolios in time to take advantage of the stamp duty holiday. However, time will be of the essence and lender service standards will be everything over the next few weeks.”
Landbay’s chief executive John Goodall recently told analysts at Goodbody that he wants to see the government’s stamp duty holiday extended past its 31 March 2021 deadline.
In November, the lending platform agreed a new funding line with an asset manager, to help it meet the increasingly high demand for its buy-to-let mortgages ahead of the end of the stamp duty holiday.