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Landbay to pay retention proc fees of 0.3%

Buy-to-let lender Landbay has announced that it will pay retention proc fees of 0.3 per cent to intermediaries.

The specialist lender has confirmed that mortgage brokers will receive the gross proc fee for all customer renewals once they have reached the end of their fixed discounted period ‘as a result of Landbay’s ongoing recognition of the role of intermediaries in offering advice in the retention process of customers.’

All Landbay’s products are available through their approved distributor partners: 3mc, Atom, Brightstar, Brilliant Solutions, Buy to Let Club, Complete fs, Connect Mortgages, Manor Mortgage Solutions, Mortgages for Business, TBMC and Vantage Finance.

Landbay managing director of intermediaries Paul Brett says: “Our relationships with intermediaries are key to ensuring we continue to lend good quality loans to professional and reliable borrowers. Introducing retention fees is part of our ongoing commitment to the broker community, but will also come as good news for customers who now more than ever will be needing specialist advice at a time of regulatory and fiscal change. This is just one step towards creating a more equal and transparent playing field for advice.”

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