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Post by easteregg on Oct 4, 2016 16:08:52 GMT
Just to confirm that the Landbay tracker rate dropped to 3.79% AER yesterday.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Oct 5, 2016 17:11:53 GMT
Nice of them to inform us investors of this.
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Post by landbayceo on Oct 6, 2016 16:58:58 GMT
Hi
The tracker product is linked to 3 month libor - ie it is 3.35% + Libor. This resets quarterly as do the borrowers rates. We do state that clearly on the website and it has moved before. Obviously in previous quarters that change in rate has been relatively small but because of change in bank rate + monetary activities of the BofE in July the change in libor rate was more significant this quarter.
Because the product is a Tracker/floating rate as opposed to a fixed rate we haven't emailed investors when libor has changed. However I do accept that in this instance we should have notified investors as the change was c.0.2% and I will ensure that we communicate libor changes in the future.
Best regards
John Goodall CEO Landbay
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sandbrain
Member of DD Central
Posts: 62
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Post by sandbrain on Dec 21, 2016 20:06:16 GMT
The tracker rate has changed again, as I found out when looking to reinvest some repaid capital. Rate is now LIBOR + 3.00% p.a. for all new tracker investments.
At first I was disappointed that I had seen no communication on this. Subsequently, I sifted through the last couple of emails received from Landbay and discovered the new rate details "hidden" in an email titled "The National Rent Review". I would suggest that info such as rate changes deserves an email in its own right, or at least an email subject line indicating it contains important information. A post to this forum by Landbay would have been helpful too.
The email also provides details of a new fixed rate product at 3.75% p.a.
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Post by Deleted on Dec 22, 2016 7:25:57 GMT
The tracker rate has changed again, as I found out when looking to reinvest some repaid capital. Rate is now LIBOR + 3.00% p.a. for all new tracker investments. At first I was disappointed that I had seen no communication on this. Subsequently, I sifted through the last couple of emails received from Landbay and discovered the new rate details "hidden" in an email titled "The National Rent Review". I would suggest that info such as rate changes deserves an email in its own right, or at least an email subject line indicating it contains important information. A post to this forum by Landbay would have been helpful too. The email also provides details of a new fixed rate product at 3.75% p.a. Have to agree, remember the email and remember perusing the rent review article yet I still didn't notice the rate change ... so this is my notification! Definitely feels like headline news, not buried deep in another email subsidiary information!
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Post by Deleted on Dec 22, 2016 7:26:44 GMT
The tracker rate has changed again, as I found out when looking to reinvest some repaid capital. Rate is now LIBOR + 3.00% p.a. for all new tracker investments. At first I was disappointed that I had seen no communication on this. Subsequently, I sifted through the last couple of emails received from Landbay and discovered the new rate details "hidden" in an email titled "The National Rent Review". I would suggest that info such as rate changes deserves an email in its own right, or at least an email subject line indicating it contains important information. A post to this forum by Landbay would have been helpful too. The email also provides details of a new fixed rate product at 3.75% p.a. Have to agree, remember the email and remember perusing the rent review article yet I still didn't notice the rate change ... so this is my notification! Definitely feels like headline news, not buried deep in another email subsidiary information! What do you think landbayceo?
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Post by Landbay on Dec 22, 2016 15:47:48 GMT
Hi @nirish & sandbrainApologies if the new rates were not clear in the last newsletter, we will pass on your feedback to our marketing team for future email communications. Please rest assured that this will not affect investments made prior to the rate update. Best wishes, Landbay
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Post by landbayceo on Dec 22, 2016 17:29:09 GMT
Nirish
Just to be clear - this change of the margin on the Tracker rate only applies to new investments and so any investment prior to the change will still receive 3.35 + Libor. It was pretty prominent in the newsletter and the rate is also prominent on our website. However point taken - any material change of rates going forward we will try and send in a separate email (although we do try and limit the number of emails that we send out).
have a very Good Christmas
Best regards
John
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Post by Deleted on Dec 22, 2016 17:51:04 GMT
Nirish Just to be clear - this change of the margin on the Tracker rate only applies to new investments and so any investment prior to the change will still receive 3.35 + Libor. It was pretty prominent in the newsletter and the rate is also prominent on our website. However point taken - any material change of rates going forward we will try and send in a separate email (although we do try and limit the number of emails that we send out). have a very Good Christmas Best regards John Thanks for taking the time to reply, unfortunately I'm a recent joiner (before the interest dropped) but all my money is currently in the investment queue so I'll get the new rate. I'll hold off further investment for now and hope to invest more when the IFISA is launched. Merry Christmas!
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Post by dan1 on Mar 24, 2017 13:12:56 GMT
I was expecting the tracker rate to be updated on or just after 15 Mar in line with the quarterly update (i.e. last updated 15 Dec 16). Is an update in the pipeline Landbay? Thanks
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Post by landbayceo on Mar 24, 2017 14:14:49 GMT
Hi dan1 We reset Libor everyquarter and so the next reset is 1st April - However we use the 15th of the previous month as the reference point (It is 3M GBP Libor). ie March 15th rate is the the rate that we use for Q2 and then we will reference it again on 15th June for Q3. We take it from www.global-rates.com/interest-rates/libor/british-pound-sterling/gbp-libor-interest-rate-3-months.aspxWe always round up to nearest bp and so for Q2 it will be 35bp and thus the tracker rate for April-June will be 3.35% Hope that is clear John
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Post by dan1 on Mar 24, 2017 14:36:17 GMT
Hi dan1 We reset Libor everyquarter and so the next reset is 1st April - However we use the 15th of the previous month as the reference point (It is 3M GBP Libor). ie March 15th rate is the the rate that we use for Q2 and then we will reference it again on 15th June for Q3. We take it from www.global-rates.com/interest-rates/libor/british-pound-sterling/gbp-libor-interest-rate-3-months.aspxWe always round up to nearest bp and so for Q2 it will be 35bp and thus the tracker rate for April-June will be 3.35% Hope that is clear John Thanks John. The info is very clear and thank you for the link. I did ask on chat a couple of months back where I could track the LIBOR rate but didn't get that link so thank you very much.
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
Likes: 209
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Post by Neil_P2PBlog on Apr 7, 2017 15:50:13 GMT
I had a capital repayment so went back in to reinvest it. I noticed on the page for the tracker it now says:
"Please note that due to extremely high demand for the Tracker Rate product, investments may take 2 months before they can be matched to loans and start earning interest."
Previously they'd paid the interest right away but now it looks like that's changed - perhaps too expensive to keep paying it with all that ISA money queued up?
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keith
Member of DD Central
Posts: 118
Likes: 72
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Post by keith on Oct 10, 2017 14:51:05 GMT
I notice that the margin over LIBOR has sneaked down to 2.7% sometime in the last few weeks. I can't see that I have seen any justification or notification of this change. It is clear enough on the website though Existing investors might not pay attention to the product descriptions.
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Post by Landbay on Oct 10, 2017 15:01:00 GMT
Hi keithWe sent out an email communication to all our investors on 11th September about this change. Please email support@landbay.co.uk and we can check you are signed up to our newsletter. Best wishes, Landbay
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