LendInvest ups max loan size to £750,000

LendInvest has increased the maximum loan size across its buy-to-let products from £500,000 to £750,000.

The lender has also started paying a contribution towards borrowers’ legal fees for its 5-year fixed rate products at 75% LTV up to a maximum of £850. This figure increases to £1,000 for repeat borrowers.

LendInvest’s income coverage ratio (ICR) is calculated at the product pay rate of 3.6%.

Ian Boden, sales director at LendInvest, said: “We listen closely to our customers and the market when it comes to delivering the best offering for our borrowers.

“Access to capital is crucial when a landlord is growing their property portfolio – these product changes provide a significant reduction in the upfront cost our customers face when acquiring finance.”

On standard residential loans borrowers are now offered a reduced valuation fee of £150, along with free title insurance.

Free title insurance has been extended to HMO refinance cases, which are accepted on properties with up to 15 rooms.

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