Mustard - Risk and return review
Mustard - Returns and loss rates
Mustard – Platform statistics 2026
Mustard – Pros & Cons
About Mustard
What it is
Mustard is the new name, since 26 October 2026, of LandlordInvest, a UK peer-to-peer platform where you lend to property investors and developers. Loans are bridging, development and buy-to-let loans for business purposes, secured on UK property. Since 9 March 2017 it has lent £18,971,240 and £17,518,178 has been repaid (as of 7 October 2026). It is a small platform: no new loans were made in 2025, and the business came under new ownership in 2026.
How it works
You pick individual loans from £1,000 each, in a normal account, an Innovative Finance ISA or a pension account (SIPP or SSAS). Loans are graded A to D, where A is the lowest risk. Interest is paid monthly by the borrower, set aside at the start, or both. Some loans are split into a senior and a junior tranche; the junior part pays more but is repaid last. There is no automatic investing tool on its pages.
Returns
The average interest rate across all loans since 2017 is 10.55% a year (7 October 2026); the home page shows 10.56%. Loans made in 2024 averaged 12.89%. These are contract rates before losses and before tax. Investors have earned £2,317,800 in total, but no return after losses is published.
Losses and defaults
Losses have risen fast. Total capital losses were £493,465 by 7 October 2026, which is 2.6% of all money lent, calculated from the platform's own figures. The platform's 2025 outcomes statement called a £70,672 loss in 2025 its first capital loss (0.38% of all lending), and the platform does not explain the difference. In 2025, 49.07% of active grade C loans and 34.55% of grade D loans by value were in default (more than 180 days late), against expected rates of 4.75% and 7.25%; grade A and B loans had no defaults.
What secures your money
Every loan is secured on UK property with a first or second legal charge, sometimes with a personal guarantee from the borrower on top. The security is held by an independent security agent for lenders, and property values come from an independent valuer. The average loan-to-value is 63.71% (7 October 2026). Second-charge loans and junior tranches are repaid only after the lender ahead of them. There is no buyback or provision fund. Security does not always cover the loan: on the loss disclosed for 2025, investors lost 46.29% of that loan after the property was sold. Total capital losses reached £493,465 by 7 October 2026.
Who runs it and its licence
Mustard is a trading name of LandlordInvest Limited (company 09245725, London), authorised and regulated by the UK Financial Conduct Authority, firm reference number 660926, and an ISA manager. The company is not covered by the FSCS. The rename followed a change of ownership earlier in 2026, which the platform says brought new leadership. Existing accounts, loans and ISAs continue unchanged.
Fees
Investors pay no fee for lending and none on cash held in the account, and opening the ISA is free. Selling on the secondary market costs 0.5% of the sale price. Borrowers pay an arrangement fee of up to 2.5% and a servicing fee of 1.0% a year, taken from their interest payments.
Getting your money out
Capital comes back when the loan ends, and you can withdraw cash to your bank account. To leave earlier, you can list loan parts from £100 on the secondary market, at par or at a discount of up to 20%; buyers are not guaranteed, and late, defaulted or suspended loans cannot be sold. £6,661,840 of loans had changed hands this way by October 2026. Loans can be extended, for example when refinancing takes longer.
Our view
Return: High, from an average rate of 10.55% a year. Risk: High (higher means more risk): 2.6% of all money lent has been lost, losses rose sharply in 2025 and 2026, grade C and D loans defaulted far above expectations, and the platform's two loss figures do not agree. Risk-return: Medium.
Regulation
License / Regulation: Mustard is a trading name of LandlordInvest Limited (company 09245725), authorised and regulated by the UK Financial Conduct Authority, firm reference number 660926, and an ISA manager. LandlordInvest Limited is not covered by the Financial Services Compensation Scheme (FSCS). The loans are business loans and are not regulated credit.
Functionality
For Investors
For Fund Seekers
Useful Information
The platform changed its name to Mustard on 26 October 2026, after the business came under new ownership earlier in the year. The company behind it, LandlordInvest Limited, and its FCA authorisation are unchanged, and existing accounts, loans and ISAs continue as before.
Yes. LandlordInvest Limited, trading as Mustard, is authorised and regulated by the FCA, firm reference number 660926. The company is not covered by the FSCS, and the loans themselves are not protected.
Unlent money sits in a segregated client account that Mustard holds at a bank, currently The Royal Bank of Scotland plc. Once lent, it goes to the borrower. No interest is paid on cash in the account.
£1,000 per loan, including in the Innovative Finance ISA.
Loans average 10.55% a year since 2017, before losses (7 October 2026). Total capital losses are £493,465, or 2.6% of all lending. In 2025, 49.07% of grade C loans and 34.55% of grade D loans were in default.
A first or second legal charge over UK property, held by an independent security agent, sometimes with a personal guarantee. The average loan-to-value is 63.71%. There is no buyback. On the loss disclosed for 2025, investors lost 46.29% of the loan.
You can list loan parts from £100 on the secondary market, at par or up to 20% below, for a 0.5% fee. A buyer is not guaranteed, and late or defaulted loans cannot be sold. Otherwise money comes back when the loan is repaid.
None for lending, holding cash or opening an ISA. Selling on the secondary market costs 0.5% of the sale price. Borrowers pay an arrangement fee and a servicing fee.
Yes. Mustard offers an Innovative Finance ISA for UK residents aged 18 or over, and accounts for SIPP and SSAS pension schemes. The tax wrapper does not change the risk of the loans.
If a borrower defaults, Mustard first tries to agree repayment and then enforces the security, usually by selling the property through a receiver. If the platform failed, its arrangements aim to keep servicing the loans, and unlent money is held apart from the company's own money.
