Being a specialist is proving its worth for the buy-to-let mortgage lender, as it joins Legal and General Mortgage Club.
Announced today, Landbay is partnering with Legal and General Mortgage Club as the newest member of its lender panel, offering members of the club a range of products for portfolio landlords, HMOs, MUFBs, first time landlords, limited companies and new build properties.
The specialist buy-to-let mortgage lender will also make its online intermediary portal available to L&G members, providing access to features like case tracking and a property portfolio key. Once brokers have completed the online application process, Landbay issues an Offer in Principle within 48 hours and aims to complete loans within 21 days.
Underwriting rules for portfolio landlords put in place by the Prudential Regulation Authority last year caused a number of mainstream lenders to reconsider their commitment to the buy-to-let market, but Landbay believes that this has been to its benefit.
“A raft of regulatory changes in recent years has meant that more and more buy-to-let cases now have specialist requirements, and therefore usually require a specialist lender to underwrite them,” said Paul Brett, managing director of intermediaries at Landbay.
“Working with Legal & General Mortgage Club will allow us to open up our expertise to a strong network of brokers across England and Wales, filling a gap for those who feel they aren’t getting the necessary support from some of the mainstream lenders at this confusing time.”
Landbay also recently closed a successful sixth investment round on equity crowdfunding platform Seedrs, raising a total of £1.615m. The platform recently surpassed £100m of mortgages funded to date with zero arrears, a quarter of which was completed in the last three months.
Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “Landbay will make an excellent addition to our panel of lenders. Our brokers will benefit greatly from a tailored and specialist offering to assist their landlord clients in today’s challenging buy-to-let market.”