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Peer2Peer Finance News | September 18, 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 £750,000 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.

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

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