Peer to peer lending platform Landbay is incentivizing “savers” this Holiday season by offering up a £50 “John Lewis”voucher for any new or existing customer who deposits £2000 or more in their Landbay account by December 19th. Presently all lending on Landbay is into buy-to-let mortgages offered to “experienced buy-to-let landlords, secured on heavily-vetted UK residential property”.
“Landbay is celebrating the end of its first calendar year as an operating P2P platform and we would like to reward our customers, old and new, with a token of our appreciation over this festive period.”
Landbay states that lenders enjoy first tier security against UK residential properties, all vetted and valued by a RICS-qualified surveyor and then double checked by an independent panel. Rental income from the Landbay associated property must exceed 125% of the monthly repayments required for the mortgage. Additionally lending on the Tracker and Fixed Rate products is restricted to a maximum of 72% loan to value, so should a landlord default and the property have to be sold, no loss will be incurred by lenders unless the property had to be sold at a loss of more than 28%.