View more on these topics

Legal & General adds Landbay to panel

Rental-Contract-Pen-Paperwork-Mortgage-700.jpgLegal & 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.”

Recommended

Estate-Agent-To-Let-Buy-Sign-700.jpg

Legislation change could catch out HMO landlords

New government rules mean thousands of buy-to-let investors will be forced to become licensed HMO landlords from 1 October. The Residential Landlords Association claims that this will result in a further 177,000 landlords being subject to mandatory licensing. It will also affect all existing HMO landlords, who will have to ensure their properties meet new […]

Landlord profits of £6,500 pa possible, despite tax squeeze

Landlords could see a net profit of £265,000 over 25-years on a typical buy-to-let property, despite the recent tax squeeze, according to new figures from Kent Reliance. The calculations by the specialist lender shows that long-term property investment is set to deliver significant returns for landlords, despite a raft of tax and regulatory changes. Their […]

Bricks building housing construction

Principality BS extends Help to Buy mortgages to England

Principality Building Society is extending its Help to Buy range of mortgages to cover buyers in England. These mortgages will initially only be offered through intermediaries. The new products will include a five-year fixed rate at 75 per cent LTV, and will come with a free standard mortgage valuation. Principality already offers similar mortgages to […]

Buy to let, landlord

Landlord confidence still shaky: BM Solutions

Landlord confidence in the rental sector is still shaky, according to BM Solutions research. The lender found that landlord confidence levels were largely flat quarter-on-quarter in areas including rental yields, capital gains and their own lettings businesses. The biggest change was an 11 per cent fall in confidence around the short-term prospects for UK financial markets. […]

A funny old year

The past 12 months have been turbulent – just take a look at this chart of the FTSE 100 over the last year. There have been some points which I’m sure would have caused your clients some concern, and possibly even had them looking for an alternative investment with reduced volatility; perhaps without reducing their […]

Newsletter

News and expert analysis straight to your inbox

Sign up