The range has a maximum 75% LTV and comes with a free valuation option for remortgages with a maximum loan size of £1m
Landbay has launched a new range of products for non-portfolio landlords looking to invest in buy-to-let (BTL) properties.
The new range is exclusively available to those with three or fewer buy-to-let (BTL) properties.
Rates on the products start from 3.14% for the 2-year fixed rate and 3.44% for the 5-year fixed rate.
The range has a maximum 75% LTV and comes with a free valuation option for remortgages with a maximum loan size of £1m.
The lender’s standard five-year 80% LTV product rate now stands at 3.89%, and across all revised standard 80% LTV products fees can now be added.
Across the wider product range, the BTL lender has lowered the minimum landlord income to £15,000, reduced the minimum loan value from £50,000 to £30,000 and revised the minimum property value, which was reduced to £75,000 for standard properties, and HMOS in qualifying areas.
The volatility in the stock market along with the resilience in the housing market has resulted in an increase in the number of first-time landlords, and this trend is expected to continue in 2021.
Paul Brett, managing director of Intermediaries at Landbay, said: Now is a great time to invest in buy-to-let properties and demand in the buy-to-let sector is booming. Rent is increasing across the country, the stamp duty holiday is rumoured to be extended by three months and house prices continue to rise.
It is no surprise to see more and more first-time landlords looking to invest, and those with one or two properties looking to increase their portfolios. Adding these products to our already market-leading range will ensure we fully support this growing number of potential landlords, he said.
Brett said that combined with our new calculator, cutting-edge technology and exceptional service, our product range caters for every client, whether new to the sector, or purchasing their latest portfolio property.
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