Legal & General Mortgage Club has added buy-to-let lender Landbay to its panel.
The lender offers a range of specialist products that cater for portfolio landlords, first-time landlords, limited companies, houses in multiple occupation (HMOs), mixed-use properties and new builds.
The partnership will also give Legal & General Mortgage Club members access to Landbay’s online intermediary portal, which includes case tracking.
Once brokers have completed the online application process, Landbay says it provides an Offer in Principle within 48 hours and regularly completes loans within 21 days.
The new underwriting rules brought in last year by the Prudential Regulation Authority for portfolio landlords have caused some lenders to withdraw from this part of the market.
But Landbay says the changes have “played into its hands” .
Landbay managing director Paul Brett says: “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.
“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.”
L&G Mortgage Club head of lender relationships Danny Belton says: “Landbay will make an excellent addition to our panel of lenders.
“Our brokers will benefit greatly from a tailored and specialist offering to assist their landlord clients in today’s challenging buy-to-let market.”