GB Bank raises loan limit to £25m as Rely and Landbay launch BTL deals

GB Bank has increased its maximum loan from £20m to £25m as it relaunches lending for commercial property investors.

Borrowers can combine a bridging loan and longer-term finance within a single funding arrangement.

The bank will consider purchases and refinancing of income-generating properties, including retail units, offices and buildings with multiple tenancies.

Loans are available up to 65% loan to value across mainland England, Scotland and Wales.

Commercial property finance

The bank’s chief lending officer, Pankaj Thukral, said: “Commercial property transactions rarely fit neatly into a box.

“Borrowers increasingly need a lender that can take a holistic view of an opportunity and structure funding around the asset, the borrower and their longer-term objectives.”

Individuals, limited companies, special purpose vehicles and trusts can apply, and the funding can also cover refurbishment work and portfolio refinancing.

GB Bank says it will assess applications individually, with intermediaries dealing directly with its lending team from enquiry to completion.

Landbay cuts tracker rates

Landbay has launched 11 tracker products and cut rates on several existing BTL deals by up to 0.15 percentage points.

The additions cover its Core, Premier, Small HMO and Product Transfer ranges.

Following the reductions, its Core two-year tracker starts at Bank Base Rate plus 0.29% at 65% loan to value, without early repayment charges.

New Premier Like for Like two-year trackers include a deal at 75% loan to value starting at Bank Base Rate plus 0.34%, also without early repayment charges.

Both new Premier Like for Like products offer a stress rate of 4.5% or the pay rate for landlords refinancing without further borrowing.

Landbay’s sales and distribution director, Rob Stanton, said: “Trackers can provide a useful alternative, particularly for landlords who value flexibility and do not necessarily want to lock into today’s fixed-rate pricing for a longer period.”

Rely introduces fixed rates

Meanwhile, Rely has launched a limited edition buy to let range at 65% and 75% loan to value for landlords of all portfolio sizes.

One-year fixed rates start at 2.85%, with a new 3.5% fee option.

Two-year fixes start at 3.59%, with fees of 3.5% or 5%.

For five-year products, rates begin at 4.55%, with fee options of 3.5%, 5% and a newly introduced 7%.

Rely’s group lending distribution director, Adrian Moloney, said: “The additional fee options enable lower initial pay rates, helping to support affordability while giving brokers greater flexibility when placing cases.”

TSB mortgage rate rises

TSB has increased rates across its fixed BTL mortgage range by up to 0.20 percentage points, according to Moneyfactscompare.co.uk.

Despite this, its five-year buy to let deal at 80% loan to value now charges 5.69%, fixed until 31 January 2032, is an ‘Outstanding’ product.

The mortgage carries a £1,995 product fee and includes a free valuation.

Available to second-time buyers across Great Britain, it permits overpayments.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below: