Landbay is not a traditional mortgage lender like a bank or building society. Instead, it is a peer to peer lending platform which has been designed to enable both institutional and retail investors to make an investment in the buy to let mortgage market within the UK whether they themselves are UK based or not. Their business model matches the investor's funds to the appropriate buy to let mortgage, with all loans being secured by residential properties. As the most rapidly growing UK peer to peer platform, Landbay lends approximately £2 million to investors every month and is also a member of the P2P Finance Association as well as being regulated and authorised by the FCA.
- Buy to let mortgages are available for individual portfolio property investors. Mortgage products are available in the amount of £50,000 up to £1 million and a minimum deposit of 20% is required to invest. The property must also be located either within Wales or England and must be and the minimum value of the property must be either £80,000 in the case of a standard property or £120,000 in the case of an HMO/MUFB. The property must also be appropriate for renting out once the mortgage process has been completed. Both fixed and tracker rate mortgages are available. The borrowing rates for fixed rate mortgages are from 2.09% pa with fees from 1.75% and the borrow rates for tracker rate mortgages are from 2.63% pa and product fees are from 1.75%.
- Buy to let mortgage products for intermediaries. Available in either standard fixed, standard tracker, small HMO, large HMO, expat tracker and expat fixed mortgages, the term lengths are between 2 and 5 years. Maximum loan to value rates vary from 65% to 80%.