Landbay has launched a new product line for larger buy-to-let loans for professional landlords that range up to £1.5m.
The platform says it has introduced the loans due to “growing demand”, which will consist of five-year fixed-rate products for standard properties, houses in i occupation, multi-unit freehold blocks and trading companies.
It says the new five-year fixed large loan products are:
A standard property at 75% loan to value for up to £1.5m at 3.24%.
A new build standard property at 65% LTV for up to £1.5m at 3.24%.
A new build standard property at 75% LTV for up to £1m at 3.34%.
A small HMO and MUFB at 75% LTV for up to £1.5m at 3.59%.
A new build small HMO and MUFB at 75% LTV for up to £1m at 3.69%.
And a small portfolio landlord standard property at 75% LTV for up to £1.5m at 3.14%.
Also, the lender has raised the maximum loan size on existing five-year fixed rate products to £1.5m from £1m with no change in rates on the following products:
A large HMO and MUFB, with up to 12 bedrooms, at 75% LTV for up to £1.5m at 3.99%.
A trading company standard property at 75% LTV for up to £1.5m at 3.69%.
And a trading company small HMO and Small MUFB at 75% LTV for up to £1.5m at 3.99%.
Landbay managing director for intermediaries Paul Brett says: “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.”
Last month, Landbay cut prices across “most of its core products”. This included a reduction on green mortgages of 10 basis points.