Landbay has reported a record month of buy-to-let lending in September, despite the latest crack down on the sector.
Stricter portfolio buy-to-let requirements were introduced last weekend to satisfy the Bank of England’s Prudential Regulation Authority’s new rules for landlords with four or more mortgaged properties, which caused a number of mainstream lenders to reconsider their commitment to the buy-to-let market.
But the digital mortgage lender, which approved £6.31m worth of loans across 31 mortgages last month, claims that the PRA’s new tougher underwriting rules for portfolio landlords has ‘played into its hands’.
The company hopes that the momentum of lending in September will continue into Q4 and beyond as portfolio landlords, and their brokers, look to specialist lenders to support them through the more restrictive lending environment.
John Goodall, CEO and founder of Landbay said: “Over the past four years we have invested a lot of time and money into building a platform that we can be proud of. One that provides a competitive source of funding for professional landlords, a credible opportunity for investors, and is able to scale quickly to meet growing demand for specialist buy to let lending.
“Like any fast rising new entrant, we’ve experienced some growing pains along the way, but our track record speaks for itself and we now have all the building blocks in place to support continued expansion of the company.”