The lenders both entered the market within the last 18 months and so, have yet to see any borrowers reach the end of their two-year fixed terms.
However, speaking at the Buy to Let Market Forum in Cardiff, both emphasised they were working on solutions to be ready for client maturities.
Landbay managing director, intermediaries Paul Brett admitted it was critical for the lender to get it right first time.
“It is important to keep existing customers, but you can only do it if it’s right for the customer,” he said.
“You’ve really got to research this and do it properly, because we are so young, we’ve got to get it right first time.”
He added that it would only be available through brokers and there was “no interest in dealing with the customer directly”.
“We do have a proc fee,” he continued.
“That’s so important because a product transfer is not the easy route. To do the job properly you’ve effectively got to look at it as a new case and evaluate that all things taken into account, the client is better doing a product transfer.”
Full procuration fee
Vida Homeloans director of sales Louisa Sedgwick (pictured) agreed that her focus was on the broker route.
“Our first customer completion that’s potentially due to redeem is February next year, so we will have something in situ by then,” she said.
“In the meantime, what we do have is that the customer can take anything from our product range, we will pay a full procuration fee and we won’t contact them directly.
“We are 100% intermediary, we have no intention of contacting the customer direct other than what we have to do for regulatory reasons and anything we do will be directing them to the broker,” she added.