Landbay inks funding deal with UK bank
Specialist buy-to-let mortgage lender Landbay has secured a funding partnership with a UK bank, which it says will enable it to broaden its product range.
Under the agreement, the unnamed bank will fund mortgages originated by Landbay and hold them on its balance sheet.
Landbay, which was a peer-to-peer lender until it exited the retail investment market last December, said the partnership will complement its existing institutional funding arrangements.
Read more: Landbay raises maximum loan size to cater for ‘buy-to-let bounce’
“This new funding partnership and our contribution to the successful Canada Square securitisation earlier this month, together with the measures that we have put in place over the past three months, means that Landbay is one of the few lenders emerging from the pandemic stronger than we went in,” said John Goodall (pictured), chief executive of Landbay.
“We have continued to lend throughout the year, including throughout the lockdown.
“At the end of March we became the only, purely buy-to-let mortgage lender to make it into Tech Nation’s Future Fifty index of the UK’s most successful tech companies, placing Landbay as one of the leading fintech companies in the country.
“We are continuing to strengthen our already robust lending model and innovative platform from which we lend.”
Read more: Landbay says automatic valuations are not an option for alternative lenders
Landbay has launched a range of special edition products to coincide with its new funding deal.
These comprise two-year fixes from 3.09 per cent and five-year fixes from 3.35 per cent, all with a 1.5 per cent product fee.
Read more: Landbay partners with Lender Exchange for its conveyancing
