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