LendInvest updates buy-to-let range
LendInvest has made changes to its buy-to-let product range, increasing the maximum loan size for all property types and introducing a new cashback contribution towards legal fees.
The lender has widened its definition of small HMOs from six to eight bedrooms, whilst updating its definition of a large HMO from nine to 15 bedrooms.
The maximum loan size for both large HMOs and MUFBs has increased to £3m, with the definition of a MUFB changing from up to six units, to up to 10 units.
Ian Boden (pictured), sales director at LendInvest, said: “After a fantastic 2019 for our buy-to-let 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.”
A large loan range has also been introduced for standard properties and small HMOs, with products available for up to £2m at a maximum of 70% LTV.
LendInvest buy-to-let customers will also receive a £500 cashback contribution towards legal fees when they take out a 5-year fixed buy-to-let mortgage for standard property types on products up to 75% LTV.
The lender’s 2-year fixed rates currently start from 2.89% and 5-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%.