Complex Buy To Let
Landbay launches online rent checker
Peer to peer (P2P) buy-to-let lending platform Landbay has launched a rent check tool allowing tenants and landlords to compare their rents against others in their area.
The online tool harnesses UK-wide data from Landbay’s monthly rental index, which maps annual and monthly trends in advertised rents, both geographically and by bedroom number.
It also allows users to access data on rental movements for a specific property type over time.
Landbay CEO John Goodall said: “The UK is in the midst of a housing crisis and a severe supply and demand imbalance, meaning the rental property market is buoyant.
“In times of low interest rates and a lack of home ownership and affordability, we’re pleased to be able to offer people a way of affirming the rent they are paying in their region.”
Landbay launched as a P2P investment platform backed by buy-to-let property in 2013. Using Landbay, investors choose an amount to deposit, an interest rate and a term before their money is used to fund residential buy-to-let mortgage lending across the country.
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The investment is then spread out across different mortgages to ensure no investor return is dependent on a specific area or property.
Once a borrower lets out their property and starts receiving rent payments, they pay a charge to Landbay, which then pays each investor their share.