- Readers Rating
- Rated 5 stars
5 / 5 (Reviewers)
- Your Rating
Landbay has revealed that it has lent a sizeable £100 million to buy to let investors since the specialist lender’s launch in 2014.
Recent changes have been implemented that render the buy to let sector increasingly complex. These range from the recent reforms from the Prudential Regulation Authority (PRA) to the gradual removal of mortgage interest tax relief for landlords.
In September 2017, Landbay reported a lending total of £59.56 million. The lender gained further momentum over the past six months, allowing it to nearly double its lending total within that period. Landbay’s lending total has now reached £100 million, with no defaults or arrears to date.
CEO and founder of Landbay, John Goodall, attributed Landbay’s success to the increasingly complex lending market stimulating a need for specialist lenders. He said: ‘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. Our commitment to high standards and speed for brokers has created a loyal following for Landbay and reaching £100 million is just the beginning.’
He continued: ‘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. As the scheme comes to an end and mainstream lenders can no longer rely on this source of cheap capital our proposition will become yet more competitive. I look forward to running with the opportunity this brings.’