The lender says it is conducting business within its service level agreements and can provide an instant decision in principle
Landbay has raised its loan to value from 75 per cent to 80 per cent with the launch of two new buy-to-let products taking its LTV back to pre-lockdown levels.
These new products are available on standard properties and there is a choice of two and five-year fixed rates for loans from £100,000 up to £750,000. The two-year fixed rate is 3.79 per cent and the five-year fix is 3.99 per cent.
Launching these products follows the news that Landbay reached number six on the Deloitte UK Fast 50 due to a 5,500 per cent growth in turnover during the past four years.
Landbay was the top ranked mortgage lender and is listed as the third fastest growing fintech business on the list.
Despite high levels of demand, Landbay says it is conducting all business within its service level agreements and can provide an instant decision in principle.
Landbay managing director of intermediaries Paul Brett comments: Intermediaries and property investors have been crying out for higher LTV buy-to-let products and so the increase of our LTVs to 80% at market leading rates should be incredibly welcome. 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, Brett said.
He said, as we edge closer to the stamp duty deadline, it will be more and more important that intermediaries look to work with lenders like Landbay, who have continuously kept to their SLAs and who have systems in place to ensure they can process applications quickly and efficiently.
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