By Moriah Costa on Friday 11 August 2017
The buy to let mortgage lender continues to broaden its non-lending products.
The buy to let mortgage lender continues to broaden its lending products.
Peer-to-peer lender Landbay is partnering with Positive Lending, a specialised packager based in Hampshire, and will service the firm’s landlords through mortgage offers.
The offering will include products for HMOs, multi unit freehold blocks and expat borrowers.
“A raft of recent regulatory changes, not forgetting the upcoming PRA portfolio landlord rules, mean that more and more buy-to-let loans now have specialist requirements, and therefore usually need a specialist lender to underwrite them,” said Paul Brett, managing director intermediaries at Landbay. “It’s vital for us to partner with specialist intermediaries like Positive Lending that have the knowledge, expertise and due diligence processes to work closely with our underwriters in processing complex loans quickly and precisely.”
Positive Lending will also get access to Landbay’s online intermediary portal, including case tracking and analysis of a landlord’s full portfolio. Landbay is able to issue an offer in 48 hours and typically completes loans within 21 days.
The partnership is just the latest in a string of product expansions from the P2P lender. In July Landbay launched an insurance product for landlords in a partnership with financial services giant Legal & General.
Stephanie Charman, director of mortgages at Positive Lending says the partnership will help advisers.
“The introduction of Landbay to our mortgage desk panel provides us with access to a tailored and specialist buy-to-let offering which is perfect for advisers looking to assist their landlord clients in a challenging buy-to-let market,” she said.