Peer-to-peer lending platform Landbay has today (9 October) announced that it is the first peer-to-peer lender to be invited to join the Council of Mortgage Lenders as a full member.
In a statement the firm said that full CML membership is a vindication of the platform’s lending proposition and an example of how innovative fintech businesses are succeeding in becoming a fundamental part of the UK’s financial services sector.
Following Landbay’s replacement of a high street bank as the major funder for the Keystone Buy to Let New Classic Range earlier this year, the platform’s lending is expected to increase significantly in the coming months.
Landbay said that, as part of the CML, it will play a part in industry-wide decision making and will contribute to the data used by mortgage experts.
John Goodall, chief executive officer of Landbay, commented: “The CML provides a fantastic network and resource for us to use in fortifying our lending processes as our lending picks up pace.”
Paul Clampin, expert mortgage lending professional, recently joined Landbay from Paragon Group as the platform’s chief lending officer.
Property P2P lending company LendInvest claimed that in fact it was the first such firm to join the CML, having been signed up as an associate member for a several months now, although it has not yet made a formal announcement.
ruth.gillbe@ft.com
