The partnership will allow Landbay to offer longer-term fixed rate mortgages moving forward.
Specialist buy-to-let lender Landbay is partnering with savings and retirements business Phoenix Group.
Together the two companies are funding long-term fixed rate mortgages.
The new deal is the latest for Landbay on a long journey of growth and expansion and will bring in a different type of funder to its range of partners, which ranges from banks and asset managers to securitisation programmes.
“The retirement market is huge and gives us a new source of funding which will enable us to continue to provide competitively priced buy-to-let mortgages,” Landbay CEO John Goodall said.
“This is an exciting new era for us as we rebranded and launched our next generation broker portal two months ago and now have access to a new type of long-term funding.”
Phoenix Group brings expertise in the pensions market and long-term horizon, putting it in the ideal spot to provide Landbay with long-term funding for its buy-to-let business, it said.
As we begin to move out of a period of historically low interest rates, it has seen longer-term fixed rate mortgages becoming more popular.
“In addition to supporting the long-term mortgage market, this partnership will enable our continued growth in the bulk purchase annuity space where we are supporting defined benefit schemes to derisk and secure people’s retirement income,” Phoenix Group managing director of retirement Tom Ground said.
“Mortgage funding is an effective means of matching these liabilities and we look forward to working with Landbay.”
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