Zoopla-backed Landbay launches landlord mortgages

first_imgHome » News » Zoopla-backed Landbay launches landlord mortgages previous nextProducts & ServicesZoopla-backed Landbay launches landlord mortgages’Innovative’ lender makes move weeks after gaining FCA approvalNigel Lewis5th January 201701,258 Views Peer-to-peer (P2P) buy-to-let mortgage lender Landbay has launched a new range of products for professional landlords that meet new tighter lending regulations set by the Prudential Regulation Authority that came into force in this week.These require rent to be 125% of mortgage payments at 5.5% APR and are yet another squeeze on the buy-to-let sector.The move by Landbay, which gained full FCA authorisation on 22 December last year after launching in April, comes after Zoopla invested a ‘six figure sum’ in the company. Zoopla also now promotes Landbay’s P2P offering via its ‘investment channel’ on Zoopla.co.uk.“The buy to let market is set to become more complex in 2017, as landlords face an increasingly intricate lending landscape and tighter regulation,” says Landbay’s Chief Lending Officer Paul Clampin (pictured).“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.”Landbay was one of four ‘promising and innovative start-ups’ that Zoopla pumped £1m into during February last year. The other three include online mortgage adviser Trussle, property management softwre company Fixflo and housing data firm Property Detective.The new Landbay landlord mortages include a standard term tracker, several fixed rate products, an HMO tracker and an expat landlord tracker.P2P lending Paul Clampin Landbay Zoopla January 5, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more