Landbay has expanded its Limited Edition range of automated valuation model (AVM) products, raising both the maximum loan-to-value ratio and the upper loan threshold.

The four standard five-year fixed rate AVM products now offer LTVs of up to 70% and 75%, an increase on the previous 65% ceiling.

At the same time, the maximum loan size has risen by 15% to £562,500, up from £487,500, with borrowing available from £75,000. Rates in the range start at 4.59%.

IMPROVING AFFORDABILITY

Part of Landbay’s wider Limited Edition suite, the AVM range caters to both purchases and remortgages, with a variable fee structure aimed at improving affordability.

The products are available for intermediaries to compare via the lender’s buy-to-let affordability calculator.

The current line-up includes the Limited Edition AVM Standard five-year fixed at 70% LTV with a 6% fee at 4.59%, and three options at 75% LTV – a 5% fee at 4.79%, a 3% fee at 5.19% and a 2% fee at 5.39%.

TIME AND COST SAVINGS

Rob Stanton, sales and distribution director at Landbay, said the AVM-supported products remained among the most popular in the lender’s portfolio because of the time and cost savings they provide.

“Increasing both our maximum LTV and loan amount makes these products in our Limited Edition range even more desirable and accessible to more landlords across the country,” he said.

“Combine this with the recent launch of our Summer Special range – which now includes product transfer options – and it’s a great example of our ethos at Landbay.

“Whether it’s launching new products or improving existing lines, we will do so as soon as the opportunity presents itself to ensure we are supporting brokers and their landlords clients with the most broad and competitive product range as possible.”