The new process was designed by brokers and uses intuitive technology to increase speed.
Landbay used broker focus groups to test the system and recommend changes and, as a result, the mortgage application to completion can now be done in nine steps.
- Submit DIP
- Receive decision instantly
- Convert to FMA and submit
- Applicants sign document using DocuSign
- Pay fees (option to instruct valuation immediately)
- Complete full underwrite and valuation
- Issue mortgage offer
- Applicants accept offer by DocuSign
- Instructing solicitors and preparation for transfer of funds
Paul Brett, managing director of intermediaries at Landbay (pictured above), said: “We have spent many months designing and building our DIP and application process to be what we believe to be the best and most streamlined in the BTL market.”
The lender has also refreshed its product range.
It will continue to lend up to 75% LTV and up to £1m to individuals and limited companies.
It will lend across the whole range of mainstream and specialist cases, including HMOs, SPV, MUFBs, and other complex BTL.
“Our product range revamp is necessary to cope with ongoing market conditions and ensure that Landbay continues to be strong and steady in these challenging times,” said Paul.
In order to protect its employees and deal effectively with the risks posed by Covid-19, Landbay staff have been working from home for over a week.
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