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LendInvest reduces rates and increases max loan sizes on BTL suite

LendInvest has made a host of changes to its buy-to-let (BTL) suite of products, including rate reductions, the introduction of higher loan-to-value (LTV) products, and an increase in maximum loan sizes.

LendInvest has reduced rates across its standard BTL range, with its 80% LTV product now available at 3.89%.

The lender has also reduced rates and introduced a new 80% LTV product for small houses in multiple occupation (HMOs), while increasing the maximum loan size for small HMOs to £1m.

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LendInvest has also introduced a new 75% LTV product for large HMOs with a maximum loan size of £1.5m, and has increased its definition of a large HMO from 10 to 15 bedrooms.

For multi-unit freehold blocks (MUFBs), a new maximum loan size of £2m has been introduced at 70% LTV, and £1.5m at 75% LTV, with rate reductions across the range.

The lender will now be offering cashback towards legal fees of 0.25% of the loan amount up to £1,000 on qualifying five year fixed rate products.

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Andy Virgo, sales director at LendInvest, said: “It’s an exciting time at LendInvest right now as we kick the year off with new funding for our BTL product and an extensive refresh for our BTL product suite.

“As the market continues to gather momentum, we are continuously looking to make property finance more simple, and deliver the products that portfolio landlords need in a constantly evolving economic landscape.”

In January 2021, LendInvest announced a new £500m funding partnership with J.P. Morgan to finance its BTL product.

By Jessica Bird

Source: Mortgage Introducer

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LendInvest launches exclusive BTL fix rate

LendInvest has launched ‘BTL Plus’, an exclusive 1-year fixed-rate product, through a select panel of intermediary partners and packagers.

The 1-year fixed rate of 3.45% is available up to 65% loan-to-value (LTV), and 3.55% up to 70% LTV through select distributors, with a product fee of 1.5% which can be added to the loan.

Affordability is calculated at an Interest Cover Ratio (ICR) of 5% against the total gross loan amount.

The mortgage is available on properties up to a maximum value of £500,000 for remortgages only, and suitable for standard property types.

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The BTL Plus product is designed for landlords who are currently on a higher standard variable rate, seeking to move to a lower rate with the option to leverage in the future.

Andy Virgo, director for buy to let at LendInvest, said: “Right now the team is focussed on building products that our customers truly need during this unusual time.

“To do so we must play to our strengths and get truly innovative when it comes to product development; which is why we are particularly excited to announce the launch of our BTL Plus mortgage today.

“With a great initial reception from our limited distribution panel, I look forward to ensuring this new product reaches landlords that need it across the country.”

LendInvest will be utilising desktop valuations via Connells to ascertain the security value, in absence of a valuer being able to make a physical visit to the property.

By Ryan Fowler

Source: Mortgage Introducer