Landbay partners with Legal and General Mortgage Club; and more

Landbay has announced its new partnership with Legal and General Mortgage Club to provide mortgage brokers and their clients with access to its products.

Landbay managing director of intermediaries Paul Brett commented: “A raft of regulatory changes in recent years has meant that more and more buy-to-let cases now have specialist requirements, and therefore usually require a specialist lender to underwrite them. Working with Legal & General Mortgage Club will allow us to open up our expertise to a strong network of brokers across England and Wales, filling a gap for those who feel they aren’t getting the necessary support from some of the mainstream lenders at this confusing time.”

Legal and General Mortgage Club expand shared ownership offering through Melton BS

Legal and General Mortgage Club has announced its exclusive shared ownership offering with Melton Building Society.

The lender has said that the product will cater to those customers looking for an “affordable and alternative” way to step onto the housing ladder, particularly first-time buyers.

The exclusive product is a four-year fixed rate at 3.99% until 30 June 2022 and available at a loan to sale (LTS) of 95% or a 75% LTV, with a maximum loan of £150,000.

Legal and General Mortgage Club new build manager Craig Hall said: “This is a very welcome move from Melton Building Society. The product offers an affordable alternative for advisers in helping costumers onto the property market who may otherwise have been unable to buy outright.

“Shared Ownership is still largely underused by customers, and as an industry we must work on turning this around. We’re therefore delighted that Melton Building Society has chosen us to distribute this exclusive product, adding further value and diversity to the offerings our brokers already bring to the table. As Shared Ownership progresses, we are likely to see an increase in product innovation from lenders.”

New B2L exclusive from Leek United BS for TMA Club members

Leek United Building Society has launched a two year B2L fixed-rate product exclusively to TMA club for directly authorised advisers.

The exclusive offer includes a 1.84 per cent fixed rate to 31 August 2020 on B2L purchases with a LTV of up to 75%, while also offering a free standard mortgage valuation.

TMA senior business and product manager Rob McCoy said: “Leek United Building Society has always been fully supportive of Directly Authorised firms. We are delighted to be offering this product as an exclusive to provide our members with the most innovative and competitive products, particularly at a time when rate rises are looming.

“We are sure this will be a popular product with our members and look forward to continuing to strengthen our relationship with such a highly-regarded building society.”

InterBay partners with TMA club to launch new club partnership

InterBay Commercial, part of the OneSavings Bank Group, has launched a new club partnership with TMA in a bid to “diversify and expand” its existing distribution network.

TMA Club members will now be able to access InterBay’s full range of commercial, semi-commercial, B2L, HMO and bridging product to both investors and trading businesses.

OneSavings Bank director Adrian Moloney said: “We are delighted to announce our new partnership with TMA. As the buy to let market becomes increasingly professionalised and complex, it’s important that we partner with intermediaries who are committed to creating positive customer outcomes and long-term relationships. Recent changes to regulations have contributed to an increased demand in bridging lending, and underpin the need for finance providers who can offer flexible bespoke solutions. We look forward to working with TMA to offer just that to their clients.”

Masthaven increased LTV for its bridging proposition

Masthaven has increased the LTV for its Prime Bridging proposition from 70% to 75%, allowing consumers greater borrowing flexibility, following feedback from brokers.

Brokers will also benefit from the increased LTV in purchases up to £750,000 as the update is enforced, with the loan being suitable for both owner-occupied homes and property investors.

The minimum loan amount is £100,000.

Masthaven managing director of short-term lending James Bloom said: “Our refreshed product range will play an important role in opening up options for borrowers who need affordable, reliable and fast interim funding for property purchases.”

Sesame Bankhall Group appoints CIO

Sesame Bankhall Group(SBG) has appointed Martin Schultheiss to the role of chief operating officer (CIO).

Schultheiss will work across the group’s three advisory brands; Sesame, Bankhall and PMS, and will report to the executive chairman John Cowan.

Cowan commented on the new appointment, stating: “With experience gained in financial services markets around the world, Martin brings fresh strategic thinking and energy to our plans. He will help us to write the next chapter in the future success of our business, by ensuring our market-leading brands deliver even greater value to advisers and their customers in these changing times.”

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