PEER-TO-PEER property lender Landbay is to offer its product range through a partnership with Legal & General Mortgage Club.
Landbay will join the club’s lender panel and will be able to provide mortgage brokers and their landlord clients with access to its lending facilities.
These include products for portfolio landlords, homes under multiple occupation (HMOs), multi-unit freehold blocks (MUFBs), first-time landlords, limited companies and new build properties.
“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 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.”
Legal & General Mortgage Club members will be able to access Landbay’s online intermediary portal, which includes features such as case tracking and a property portfolio key.
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Landbay says that once brokers have completed the online application process, it issues an offer in principle within 48 hours and regularly completes loans within 21 days.
“Landbay will make an excellent addition to our panel of lenders,” said Danny Belton, head of lender relationships, Legal & General Mortgage Club.
“Our brokers will benefit greatly from a tailored and specialist offering to assist their landlord clients in today’s challenging buy-to-let market.”
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