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Peer2Peer Finance News | July 19, 2019

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Lendinvest bumps up buy-to-let mortgage loans to £750k

Lendinvest bumps up buy-to-let mortgage loans to £750k
Tom Rodgers

LENDINVEST has boosted its maximum loan size to £750k for its five-year fixed buy-to-let mortgages.

The online mortgage lender will also contribute up to £850 to borrowers’ legal fees at 75 per cent loan-to-value (LTV) for a limited time. This figure increases to £1,000 for repeat borrowers.

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.

Read more: LendInvest to enter mortgage market with £200m funding line from HSBC

“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.”

Lendinvest has also cut its valuation fee to £150 for all standard residential loans and HMO refinance cases, as well as offering borrowers free title insurance.

The London-headquartered firm said its ICR would be calculated at the product pay rate of 3.6 per cent. ICR, or Interest Cover Ratio, is a measurement of borrowers’ ability to repay interest on a buy-to-let mortgage.

Read more: LendInvest earnings soar as it looks to disrupt ‘slow moving’ banks

LendInvest debuted its buy-to-let mortgage product in 2017.

In its most recent financial results the lender reported strong growth, bringing in £127.9m in buy-to-let mortgage loans in the six months to March 2019.

Read more: LendInvest’s first retail bond sees loan assets decline in value