Precise Mortgages has improved its buy to let criteria for landlords with multiple properties, while Landbay announces that it is the first peer to peer lender to be invited to join the Council of Mortgage Lenders (CML) as a full member.
The changes to Precise Mortgages’ lending criteria will see a doubling of the number of loans landlords can hold with the lender to 10.
Furthermore, the maximum combined value of these loans has been increased by Precise from £2m to £5m.
Additional changes include: the removal of the restriction on the number of loans larger than £1m, loans available up to 80% LTV (including new build flats) and lifetime trackers and five year fixed rates with rental calculation based on pay rate.
Alan Cleary, managing director of Precise Mortgages, said,
“As can be seen from our research many people use property as part of their retirement planning. Our latest criteria changes will help landlords build their portfolios.
“The private rental sector desperately needs additional housing stock so by enabling landlords to increase their portfolios these improvements also benefit tenants.”
Meanwhile, the fact that Landbay, the peer to peer lending platform for buy to let mortgages, has announced that it will be joining the CML as a full member, is further evidence that innovative fintech businesses are becoming a fundamental part of the UK’s financial services sector.
This new affiliation will greatly benefit Landbay, giving it access to the CML network, which is to assist the lender in maintaining industry best practice in all elements of mortgage lending, including compliance and conveyancing.
Landbay will also use CML research when evolving its lending and risk management policies.
John Goodall, chief executive of Landbay, said:
"While our business model is highly innovative, our approach to mortgage lending standards are founded upon industry expertise. The CML provides a fantastic network and resource for us to use in fortifying our lending processes as our lending picks up pace."
Paul Clampin, chief lending officer of Landbay, added:
"We are looking forward to being involved in the effective work the CML conducts with the government.
"We are already doing this on the peer-to-peer side of our business via the P2PFA and we are excited to play a tangible role in the development of future changes to mortgage legislation."