Landbay has adapted its product range, cutting rates while increasing loan-to-values (LTVs) and maximum loan sizes.
The buy-to-let lender and former peer-to-peer platform increased its LTV from 70 per cent to 75 per cent for properties above commercial units and raised the maximum loan size for its special edition range from £1m to £1.5m.
In addition, Landbay’s recently launched non-portfolio landlord five-year fixed rate products have been reduced by 0.05 per cent to 3.39 per cent.
The lender has also lowered its minimum property value on its core products from £65,000 to £75,000.
Read more: Landbay chief: I don’t regret leaving P2P
“With the rental market currently booming, some landlords are looking to diversify their portfolios,” said Paul Brett (pictured), managing director, intermediaries at Landbay.
“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.”