According to the lender, the maximum loan size will increase from £1m to £1.5m, with a maximum LTV of 75% including fees. Aggregate loans with Landbay will rise from £2m to £5m.
These criteria enhancements are in place from today and all products are available through Landbay’s approved distributor partners, including the recent additions of Legal and General Mortgage Club, Sesame Network, and PMS Mortgage Club.
The firm also announces the launch of its new website, which can be found housed under the main www.landbay.co.uk URL. The website has been designed as part of Landbay’s brand evolution to create a single proposition, for both P2P investors and intermediaries, to modernise mortgage lending.
The new site offers a seamless and streamlined journey for both investors and brokers alike. A new online chat function has been introduced for intermediaries, which will allow them to talk directly with the underwriting team about cases.
These changes are the latest in a suite of updates to Landbay’s offering, helping brokers and their customers to access the specialist solutions they need. Landbay recently surpassed £180 million of mortgages funded to date with zero arrears. Growth rate of completions circa doubled from Q1.
Paul Brett, Managing Director of Intermediaries at Landbay, commented: “We are constantly listening to our intermediary partners and to the requirements of the market, and we believe these changes will offer a greater offering and flexibility to brokers and their landlords
These new criteria offer a fantastic opportunity for brokers to help more of their landlord clients, who need specialist advice and products more than ever after two years of significant regulatory and fiscal change. The increased loan size and aggregate loans will allow us to remain competitive and meet the needs of a wider variety of cases.
We hope the new look website is now more informative and accessible for all of our audiences including investors, borrowers and institutions. By bringing everything together under one roof we hope to improve the user journey and experience. We have also expanded our online chat function so that brokers can access the information they require with greater ease and efficiency.”
