E-mail through, Landbay closing down(edit: to retail investors) with immediate effect and returning all funds to investors today.
"As we exit this part of our business, treating our customers fairly has been our top priority. In order to quickly return your funds, this loan book has been bought by a UK bank.
We have therefore issued a transfer of all of your Classic Account funds directly to your chosen bank account. You should receive these funds by the end of the day. This also includes any interest due to you.
If you also have an IFISA with us, you will either need to withdraw your investment or transfer it to another IFISA provider. We will waive the transfer fee for you, should you wish to move to another provider"
I happened to notice this morning that I couldn't log into Landbay ("server upgrade") and thought "nahh...couldn't be..."
I started a thread on this forum just after we sent an email to our investors. To clarify - we arent closing but becoming institutional only - over the last 12 months over 90% of our mortgages have been funded by institutions.
And it is currently possible to log in and download tax statements.
Just spoken to Landbay and Logins will remain open to allow people to access Interest and Tax information.
Tried this out out and if you Logon and click Withdraw Funds you can get to the statements.
You may also have to confirm you bank account, I get the page which states
PLEASE ACT NOW In order to returned your funds safely we need to verify your bank details.
It’s easy to do. We simply need you to email us a copy of a recent bank statement showing your address, name and account details. We accept either a pdf statement or a screenshot from your bank account. This can be sent to
"We have therefore issued a transfer of all of your Classic Account funds directly to your chosen bank account. You should receive these funds by the end of the day. This also includes any interest due to you"
Meanwhile, both my and my wife's account say:
"In order to returned your funds safely we need to verify your bank details."
Can you clarify whether we all need to do this or not? In my case, I have been making regular small withdrawals every month without issue.