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.
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.
“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.”