Landbay introduces retention fee for intermediaries

LANDBAY has announced that its intermediaries will now receive a retention fee for all customer renewals.

The peer-to-peer lender, which specialises in buy-to-let mortgages, said that it introduced the 0.3 per cent fee because of its ongoing recognition of the role of intermediaries in offering advice in the retention process of customers.

Landbay works with a number of distribution partners and recently added two more to its network, in order to reach a wider range of borrowers.

Mortgage packager and distributor 3mc and master broker Vantage Finance are the latest partners, alongside Atom, Brightstar, Brilliant Solutions, Buy to Let Club, Complete fs, Connect Mortgages, Manor Mortgage Solutions, Mortgages for Business and TBMC.

“Our relationships with intermediaries are key to ensuring we continue to lend good quality loans to professional and reliable borrowers,” said Paul Brett, managing director of intermediaries at Landbay, who joined the firm in February.

“Introducing retention fees is part of our ongoing commitment to the broker community, but will also come as good news for customers who now more than ever will be needing specialist advice at a time of regulatory and fiscal change.

“This is just one step towards creating a more equal and transparent playing field for advice.”

Landbay launched its Innovative Finance ISA in February and said last month that the tax-free wrapper forms one third of newly-opened accounts.