Landbay lending volumes hit £100m milestone

Specialist mortgage marketplace lender Landbay has lent a total of £100 million to buy-to-let landlords since its 2014 launch.

Recent regulatory changes have led to some landlords choosing to diversify their portfolios while others have taken a step back from buy-to-let altogether.

Due to this, Landbay says that portfolio landlords and their brokers are looking to specialist mortgage lenders to support them through these changes. This includes the gradual removal of mortgage tax relief and the recent Prudential Regulation Authority (PRA) reforms of buy-to-let mortgage lending.

John Goodall, chief executive officer and founder of Landbay, commented: “Lenders have been falling over themselves to help landlords and their brokers navigate an increasingly complex buy-to-let market, but it is the specialist lenders that have taken it in their stride.”

“If doubling our total lending volumes in the past six months isn’t proof enough that the specialist lending model is well suited to the current climate, then the fact that traditional lenders have been propped up by the Bank of England’s Term Funding Scheme should be.”

Goodall believes that as the BoE’s Term Funding Scheme comes to an end and mainstream lenders can no longer rely on this source of cheap capital, Landbay’s proposition will become even more competitive.

The company recorded a lending total of £59.56 million in September 2017. The momentum gained over the past six months has allowed Landbay to double its lending total in that period alone to £100 million.

“We spent four years building a strong foundation for the business in an innovative and exciting financial space, but the last six months has been a real step change,” Goodall added.

“Our commitment to high standards and speed for brokers has created a loyal following and reaching £100 million is just the beginning.”