Landbay has launched a five-year, fixed rate buy-to-let product range for loans of up to £1.5m.
The specialist buy-to-let mortgage lender said that the larger loan products are for standard properties, houses in multiple occupation (HMOs), multi-unit freehold blocks (MUFBs) and trading companies.
At 75 per cent loan-to-value (LTV) for loans up to £1.5m there is a 3.24 per cent product for standard properties, a 3.59 per cent rate for small HMO and MUFB properties and a 3.14 per cent mortgage for small portfolio landlord standard properties.
There are two new build standard property mortgages, a 3.24 per cent at 65 per cent LTV up to £1.5m and a 3.34 per cent at 75 per cent LTV up to £1m. There is also a 3.69 per cent product at 75 per cent LTV for new build small HMO and MUFB properties.
Furthermore, Landbay has raised the maximum loan size on existing five-year fixed rate products from £1m to £1.5m for three products at 75 per cent LTV up to £1.5m.
These include a 3.99 per cent mortgage for large HMO and MUFB properties, defined as those up to 12 bedrooms, a 3.69 per cent product for trading company standard properties and a 3.99 per cent rate for trading company small HMOs and small MUFBs.
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“We are seeing more landlords wanting larger loans particularly for investment in HMOs and MUFBs,” said Paul Brett (pictured), managing director, intermediaries at Landbay.
“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.”