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.