Positive Lending is to join Landbay’s panel of distribution partners.
Landbay will help Positive Lending service its professional buy-to-let landlord clients with bespoke mortgage offers, including products for HMOs, Multi Unit Freehold Blocks and expat borrowers.
The arrangement will also give Positive Lending access to Landbay’s online intermediary portal. This includes features such as case tracking and a property portfolio key, which will allow brokers to enter detailed analysis of a landlord’s full portfolio in advance of September’s PRA portfolio landlord changes. Once brokers have completed the online application process, Landbay issues an Offer in Principle within 48 hours and typically completes loans within 21 days.
Paul Brett, managing director of intermediaries at Landbay, said: “A raft of recent regulatory changes, not forgetting the upcoming PRA portfolio landlord rules, mean that more and more buy-to-let loans now have specialist requirements, and therefore usually need a specialist lender to underwrite them.
“We are totally committed to supporting and guiding mortgage intermediaries of all varieties in navigating these changes, and finding a home for hard-to-place cases. It’s vital for us to partner with specialist intermediaries like Positive Lending that have the knowledge, expertise and due diligence processes to work closely with our underwriters in processing complex loans quickly and precisely.”
Stephanie Charman, director of mortgages at Positive Lending, added: “The introduction of Landbay to our mortgage desk panel provides us with access to a tailored and specialist buy-to-let offering which is perfect for advisers looking to assist their landlord clients in a challenging buy-to-let market.”