This is expected to speed up the legal process during a mortgage application as lenders will not need to carry out additional searches because the insurance will automatically cover the loss of property value if any defects are found.
Paul Brett, managing director of intermediaries, at Landbay, said: “Offering free title indemnity insurance on remortgages will decrease the amount of time it takes for the remortgage to go through, which means that landlords and investors may have faster access to additional finance should they need it.
“For intermediaries it also provides the opportunity of highlighting the importance of title indemnity insurance to their clients to ensure they are protected against all eventualities.”
Primis network partnership
Landbay also partnered with Primis Mortgage Network last week, opening the lender’s mainstream and specialist buy-to-let range up to its member brokers.
Primis’ advisers will also gain access to Landbay’s underwriting, post-case submission and case tracking teams.
Brett said: “A partnership between Landbay and Primis will benefit all Primis brokers who deal with specialist buy-to-let, particularly during this time of the stamp duty holiday.
“We look forward to supporting Primis’ members with a service that is second to none.”
Toni Smith, chief operating officer at Primis Mortgage Network, added: “Introducing Landbay to our lender panel is a fantastic way to give our members access to expert, competitive and innovative products combined with cutting-edge technology.
“The buy-to-let landscape is getting ever more complex, and we are continually striving to meet the evolving demands of our clients – Landbay is a fantastic partner to help us meet that goal.”