LendInvest, the UK’s marketplace for property finance, has made key changes to its BTL product range, increasing the maximum loan size for all property types and introducing a new cash back contribution towards legal fees.
The lender has increased their definition of small HMO’s from up to 6 to 8 bedrooms, whilst increasing their definition of a large HMO from 9 to 15 bedrooms.
The maximum loan size for both large HMO’s and MUFB’s has increased to £3,000,000, with the definition of a MUFB changing from up to six units, to up to 10 units.
A large loan range has also been introduced for standard properties and small HMO’s, with products available for up to £2m at a maximum of 70% LTV.
LendInvest BTL customers will also receive a £500 cashback contribution towards legal fees when they take out a 5-year fixed BTL mortgage for standard property types on products up to 75% LTV.
LendInvest’s two-year fixed rates currently start from 2.89%, and five-year fixed rates from 3.19%. ICR assessment rate is 5% across all products, with the exception of the 5 year fixed interest product which remains at 3.6%.
At the end of 2019, LendInvest expanded its Buy-to-Let offering into Scotland in response to increasing demand for long-term property finance in the Scottish housing market.
Ian Boden, pictured, Sales Director at LendInvest, commented:
“After a fantastic 2019 for our BTL product, we are excited to be hitting the ground running this year with a broadening of our product criteria. Ever eager to increase the flexibility of our product, we are confident these changes will put us in good stead for a busy 2020; and look forward to further increasing our loan volumes in the coming months.”