Spike in demand for HMOs see Landbay launch new large loan product range
News / Tue 7th Sep 2021 at 09:24am
SPECIALIST buy-to-let lender, Landbay, has announced that it has launched a new product range for larger loans up to £1.5m following an increased demand amongst portfolio landlords for HMOs and MUFB finance reports Property Reporter.
According to the lender, the new product range consists of five-year fixed rates for standard properties, HMOs, MUFBs and trading companies with standard property mortgage rates starting from 3.24% at 75% LTV for loans up to £1.5m.
For new-build standard properties, rates start from 3.24% at 65% LTV for loans up to £1.5m and 3.34% at 75% LTV for loans up to £1m. Small HMO & MUFB products are available up to 75% LTV, starting at 3.59% for loans up to £1.5m and 3.69% for new build loans up to £1m.
Landbay says that small portfolio landlords can access standard buy-to-let rates from 3.14% at 75% LTV for loans up to £1.5m.
Further to this, the lender has also raised the maximum loan size on its existing five-year fixed rate products from £1m to £1.5m with no change in rates.
Paul Brett, Landbay’s managing director of intermediaries, said: “We are seeing more landlords wanting larger loans particularly for investment in HMOs and MUFBs. They tend to be professional landlords with growing portfolios who want to invest in larger properties.
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