Landbay first P2P lender to join the CML as full member

Landbay says it is 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.

As part of the CML, the UK mortgage lending market’s principle trade body, Landbay will play a part in industry-wide decision making.

Peer-to-peer LendInvest joined the CML as an associate member in July and is expected to move to full membership shortly.

Paul Clampin recently joined Landbay from Paragon Group as the platform’s Chief Lending Officer. Alongside Paul’s extensive industry experience, the CML network will assist Landbay in maintaining industry best practice in all elements of mortgage lending including compliance and conveyancing. Landbay will use CML research when evolving its lending and risk management policies.

John Goodall, CEO of Landbay, commented:

“While our business model is highly innovative, our approach to mortgage lending standards are founded upon industry expertise. 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, Chief Lending Officer of Landbay, added:

“We are looking forward to being involved in the effective work the CML conducts with the government. We are already doing this on the peer-to-peer side of our business via the P2PFA and we are excited to play a tangible role in the development of future changes to mortgage legislation.”