Phoenix Group and Landbay have announced a new strategic partnership to fund long-term fixed rate mortgages.

The deal is the latest funding partnership in Landbay’s growth and adds a different type of funder to its diverse range of partners.

Specialist buy-to-let (BTL) lender Landbay has received widespread funding from partnerships with banks and asset managers as well as securitisation programmes.

Phoenix Group will now be ideally placed to provide Landbay with long-term funding for its BTL business.

Landbay CEO, John Goodall, commented: “This partnership with Phoenix Group is a significant development for Landbay as we explore new opportunities for long-term fixed rate lending. The retirement market is huge and gives us a new source of funding which will enable us to continue to provide competitively priced BTL mortgages.

“This is an exciting new era for us as we rebranded and launched our next generation broker portal two months ago and now have access to a new type of long-term funding. We are really looking forward to developing our relationship with Phoenix over the coming years.”

Tom Ground is managing director, retirement solutions at Standard Life, which is part of Phoenix Group, and he added: “We’re pleased to announce this long-term, strategic partnership with Landbay. Today’s announcement builds on the partnerships we have in the equity release market where we are a significant funder.

“In addition to supporting the long-term mortgage market, this partnership will enable our continued growth in the bulk purchase annuity space where we are supporting defined benefit schemes to de-risk and secure people’s retirement income. Mortgage funding is an effective means of matching these liabilities and we look forward to working with Landbay.”

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