Landbay increases BTL LTVs to 80%

Landbay has increased its loan to value (LTV) from 75% to 80% with the launch of two new buy-to-let products.

These new deals, available on standard properties, mean Landbay is now back at pre-lockdown LTV levels with very competitive interest rates.

The new products are available on two and five-year fixed rates. The two-year fixed rate product comes with a rate of 3.79% and the five-year fixed has a rate of 3.99%. The rates are available for loans from £100,000 up to £750,000.

Paul Brett, managing director of Intermediaries at Landbay, said, “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.”

Covid-19 mortgage payment holiday deferrals drop to 127,000

The number of payment deferrals across mortgages and consumer credit have fallen in recent weeks, according to UK Finance.

An estimated 127,000 mortgage payment deferrals were still in place in November, the latest figures show. This is down the peak seen in June, which hit 1.8 million.

According to UK Finance, 89% of those customers whose mortgage payment deferrals have ended have now returned to making repayments.

Eric Leenders, managing director of personal finance at UK Finance, said: “The banking and finance industry remains committed to helping customers get through these challenging times.

“Millions of people struggling with Covid-related income shocks have been supported through payment deferrals, and lenders will ensure customers continue to receive the help they need.”

Lloyds reintroduces 90% LTV mortgages

Lloyds has reintroduced 10% deposit mortgages for first-time buyers

The loans are available at up to £500,000, but not for new-build properties, with the maximum loan-to-income ratio capped at a multiple of 4.49.

The mortgages will be available for first-time buyers from the group’s Lloyds Bank and Halifax brands directly, and via Halifax intermediaries, from tomorrow.

Lloyds pulled its 90% LTV deals in March.

Jasjyot Singh, the managing director of consumer and business banking at Lloyds Banking Group, commented: “We are committed to helping people take their first step on to the property ladder and while there have been record levels of mortgage approvals over the past few months, raising a deposit is still hands down the biggest challenge for first-time buyers.”

Limited company buy-to-let lending expected to rise

Limited company buy-to-let lending is expected to increase over the next two years, new research from BestAdvice shows.

Some 90% of advisers surveyed said that they expect limited company BTL to account for up to 30% of their income by 2022.

Kevin Rose, editor of BestAdvice and author of the report, commented: “This is the first time that advisers have been able to see a true picture of the limited company buy-to-let market.

“The report combines exclusive adviser research and a comparison of the limited company buy-to-let providers’ propositions.

“It aims to bring clarity to the sector, to deepen understanding of the propositions available, and help advisers understand where providers’ sweet spots are and how their propositions differ.”

Castle Trust Bank extends rate discount

Castle Trust Bank has extending the 0.25% rate reduction on its term products until the end of the year.

The bank will continue to apply the offer to all DIPs on term products, including the lender’s bridge-to-let proposition, issued by the close of business on 31 December.

Castle Trust Bank offers buy-to-let products up to 75% LTV, with instant terms available from the lender’s BDMs.

Barry Searle, managing director of mortgages at Castle Trust Bank, said: “From our BDMs offering instant terms on term products, through to our bridge to let proposition providing a guaranteed exit route – we’ve been delivering greater confidence to brokers and their clients.”