Portfolio lender rules prompt Landbay to pair with eTech
PEER-TO-PEER mortgage lender Landbay has announced a partnership with property risk software developer eTech.
The relationship is a result of the Prudential Regulation Authority’s rule changes surrounding buy-to-let lending to ‘portfolio landlords’ – those who own at least four properties – which mean borrowers need to present more information on their entire portfolio.
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Mortgage brokers who want to apply on behalf of their clients for finance from Landbay will be presented with a dashboard based on eTech’s ‘buy to let hub’, which allows them to both monitor and manage portfolios.
The firms argue that as the hub automates all key criteria variables, individual applications can be assessed quickly, ensuring that Landbay can continue to issue an offer in principle within 48 hours and complete loans within 21 days.
Paul Clampin, chief lending officer at Landbay, said that the partnership with eTech meant that brokers could expect “business as usual” despite the more extensive application requirements of the new PRA rules.
“Combined with Landbay’s tech-enabled underwriting platform, portfolio landlords, and their brokers, are now able to use this efficient straight-through process to secure a loan, while the robust back-end will make this as quick and accurate as possible,“ he continued.
Landbay previously announced that September saw the firm reach a new record level of lending, with £6.31m distributed across 31 buy-to-let mortgages.