This means lenders will not need to carry out additional searches and therefore the mortgage process and the time to completion should be significantly quicker.
This will be available for qualifying remortgages up to £1m and to 75% LTV. The addition of this product makes Landbay one of the only lenders in the buy-to-let sector offering title insurance on remortgages meeting the required criteria.
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.”
Julian Sampson, partner and head of lending department at TWM Solicitors LLP, added: “Many property owners will focus on the more obvious benefits in search savings, but in the specialist lending market there is also comfort to be had from the mitigation of risk in some of the trickier areas that sometimes blight investment properties – including planning use, structural alterations and conversions, as well as remediating leasehold defects.
“Landbay is an experienced lender and we are looking forward to extending the best use of title insurance to them to provide very real benefits to the borrowers and intermediaries alike.”