Landbay and Phoenix Group have formed a strategic partnership to fund long-term fixed rate mortgages.
The new agreement with Phoenix is the latest funding partnership for Landbay’s growth journey.
Phoenix adds another type of funder to its existing lineup, which includes banks and asset managers as well as securitization programs.
The group’s pension expertise will provide Landbay with long-term financing for its buy-to-let business.
Landbay chief executive John Goodall said the partnership with Phoenix Group is “an important development” as the company explores new opportunities for long-term fixed rate lending.
Goodall comments: “The retirement market is huge and provides us with a new source of funding that will allow us to continue to offer home loans at competitive prices.
“It’s an exciting new era for us as we rebranded and launched our next-generation brokerage portal two months ago and now have access to a new kind of long-term funding. We’re really looking forward to grow our relationship with Phoenix over the next few years.”
Phoenix Group Managing Director of Retirement Solutions, Tom Ground, added, “We are delighted 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 backer.