Landbay cuts rates and fees in quest for new borrowers
LANDBAY has stepped up its quest for new borrowers by cutting its interest rates and arrangement fees and broadening its eligibility criteria.
The property peer-to-peer lending platform has slashed rates on two-year loans by 12 per cent and on five-year loans by seven per cent, lowering starting rates to 3.39 per cent and 3.59 per cent respectively – down from 3.85 per cent on both durations.
It also lowered the arrangement fee it charges on standard products by 15 per cent, to 1.5 per cent.
In a comprehensive review of the product and price range available to both professional landlords and newcomers, the firm also widened its borrower criteria to include buy-to-let landlords with a track record of as little as one year, as well as self-employed expatriates with a minimum income of £60,000.
Moreover, employed expatriates will no longer be required to work for a multi-national company and can now borrow via a UK limited company.
“Our rates have been reduced across the board to ensure we remain competitive whilst our criteria enables us to serve a wide range of specialist borrowers seeking a fast decision,” said the platform’s managing director of intermediaries Paul Brett, who joined the firm at the end of February to help it expand the reach of its products and strengthen relationships with key third parties.
“We strive to process new cases in 24 hours via our online portal and are offering cases within 48 hours of receipt of valuation. If an applicant needs speed, then I believe Landbay should be their first choice.”
The firm’s upgraded product offering will continue to be distributed through its brokering partners Atom, Brightstar, Complete fs, Connect Mortgages, Mortgage for Business, The Buy to Let Business and Club, and TBMC.
“These new products offer a fantastic opportunity for brokers to help more of their landlord clients, who will be needing specialist advice and products at this time of significant regulatory and fiscal change,” said Brett.
“Landbay is rapidly making a name for itself in the specialist buy to let market,” said Ying Tan, the managing director of The Buy to Let Business and Buy to Let Club.
“Its criteria covers many scenarios, including trading companies, and new build flats and its team has the experience and knowledge to view a case on its own merits. The Buy to Let Business and Buy to Let Club will continue to work closely with Landbay moving forwards.”
Look out for the upcoming print edition of Peer-to-Peer Finance News for more insight into platforms’ fee adjustment strategy.
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