Landbay, a peer-to-peer lending platform, is now offering new products for professional landlords. The lender will now offer standard term tracker at 3.88% to 65% loan-to-value, along with offering fixed rate products from 4.2%, an HMO tracker starting at 3.98% and an expat tracker starting at 4.38%.
Sharing details about the products, Paul Clampin, Chief Lending Officer at Landbay, reportedly stated:
“The buy to let market is set to become more complex in 2017, as landlords face an increasingly intricate lending landscape and tighter regulation. It’s in such a context that borrowers and brokers need solutions that meet their changing needs, so these new products have been designed to do just that for the growing number of professional landlords.”
Clampin went on to add:
“As landlords move to navigate this complex environment, so too must lenders ensure that affordability calculations are robust, and in line with the rest of the industry. This is why we have chosen to refine our ICR calculations.”
The launch of the professional landlord products comes just a couple of weeks after Landbay announced it received full authorization from the FCA for peer to peer lending. Co-founder of the lending platform, John Goodall, shared:
“We are pleased to confirm that the FCA has granted Landbay its full authorization for peer-to-peer lending. For the past 14 months we have worked hard, in collaboration with the regulator. As our industry continues to grow and mature, it is only right that regulation should evolve in line, and we welcome the detailed approach the regulator has taken throughout the process. This is a significant milestone for Landbay and we look forward to launching our property-backed ISA before the end of the tax year.”