New deal adds a different type of funder to the lender's diverse range of partners
Specialist buy-to-let lender Landbay and long-term savings and retirement business Phoenix Group have established a strategic partnership to fund long-term fixed rate mortgages.
According to Phoenix Group, with its expertise in the pensions market and long-time horizon, it is ideally placed to provide Landbay with long-term funding for its buy-to-let business.
For Landbay, the deal with Phoenix Group is its latest funding partnership and adds a different type of funder to its diverse range of current partners. Its funding derives from partnerships with banks and asset managers, as well as securitisation programs.
“This partnership with Phoenix Group is a significant development for Landbay as we explore new opportunities for long-term fixed rate lending,” John Goodall, chief executive at Landbay, commented. “The retirement market is huge and gives us a new source of funding which will enable us to continue to provide competitively priced buy-to-let 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, managing director of retirement solutions at Standard Life, part of Phoenix Group, said they were pleased to announce the 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,” Ground remarked. “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.”
