Landbay offers free title indemnity insurance on remortgages

Landbay said it will offer free title indemnity insurance on remortgages to speed up the legal process for intermediaries.

The insurance will be available on qualifying remortgages up to £1m and to 75 per cent loan-to-value (LTV).

The buy-to-let mortgage lender, which exited the peer-to-peer lending space last year, said this will lead to a quicker turnaround which can, in turn, provide an alternative to bridging finance when speed is essential.

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“Offering free title indemnity insurance on remortgages will decrease the amount of time it takes for the remortgage to go through, which means that landlords and investors may have faster access to additional finance should they need it,” said Paul Brett (pictured), managing director of intermediaries at Landbay.

“For intermediaries it also provides the opportunity of highlighting the importance of title indemnity insurance to their clients to ensure they are protected against all eventualities.”

This follows Landbay cutting rates to its two-year fixed rate buy-to-let mortgages last month.

In July, the lender raised its maximum loan sizes from £1m to £1.5m on all standard properties, houses in multiple occupation and multi-unit freehold blocks, as well as on new build properties from £500,000 to £750,000.

At the start of June, Landbay launched a new product range with higher LTVs as confidence returned to the property market.