LendInvest has made changes to its buy-to-let suite, including rate reductions, introducing higher loan-to-value (LTV) products and an increase in maximum loan sizes.
The alternative property lender has reduced rates across its standard buy-to-let range, with its 80 per cent LTV product now available at 3.89 per cent.
The former peer-to-peer lending platform has also reduced rates and introduced an 80 per cent LTV product for small houses in multiple occupation (HMOs).
The lender increased the maximum loan size for small HMOs to £1m, introduced a new 75 per cent LTV product for large HMOs with a maximum loan size of £1.5m and has increased its definition of a large HMO from 10 to 15 bedrooms.
For multi-unit freehold blocks, LendInvest has introduced a new maximum loan size of £2m at 70 per cent LTV and £1.5m at 75 per cent LTV, with rate reductions across the range.
LendInvest will be offering cashback towards legal fees of 0.25 per cent of the loan amount up to £1,000 on qualifying five-year fixed rate products.
“It’s an exciting time at LendInvest right now as we kick the year off with new funding for our buy-to-let product and an extensive refresh for our buy-to-let product suite,” said Andy Virgo, sales director at LendInvest.
“As the market continues to gather momentum, we are continuously looking to make property finance more simple, and deliver the products that portfolio landlords need in a constantly evolving economic landscape.”
“It is positive to see a lender review their range at a time when there is mixed activity in the sector, and this update may be of particular interest to those landlords who may have lower levels of equity or deposit as the 80 per cent loan-to-value range saw some notable rate reductions,” said Eleanor Williams, finance expert at Moneyfacts.
“However, as with any deal, it is vital to compare the whole package, as the right choice of product will depend on a landlord’s individual circumstances and requirements.
“It’s a good idea to keep an eye on the market as there are some competitive options surfacing at the moment.”
In January, LendInvest secured a £500m funding partnership with J.P. Morgan to finance its buy-to-let products.
The lender last updated its buy-to-let product range at the end of May.