LendInvest
, the London based buy to let finance and bridging finance platform, has updated its buy-to-let product range this week.
The lender has made a series of changes including an increase of its maximum loan size for MUFB properties up to £1 million for 70% LTV and £1.5 million up to 65% LTV. It will also now accept up to £3 million up to 60% LTV.
Among the changes was a reduction of LendInvest’s ICR to 125% at 4% for basic rate taxpayers on their five year pay rate product enabling landlords greater leverage for lower yielding properties.
LendInvest has also reduced its ICR to 125% at 4% for basic rate taxpayers on their five year pay rate product allowing landlords greater leverage for lower yielding properties.
The lender currently offers a two-year fixed rate at 3.49% up to 75% LTV with a maximum loan size of £750,000. Its five-year fixed rates include a 70% LTV product at 3.69% and a 75% LTV product from 3.59% or 3.69% with a 4% ICR.
Andy Virgo, director of buy-to-let at LendInvest, said: “We are consistently listening to our broker partners and monitoring the market post lockdown to ensure we are responding effectively to what landlords need to keep their business moving forward in a somewhat unique environment. The time is right to make these changes, and is the start of further enhancements to our proposition through the rest of the year.”
Original article featured here…
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source https://commercial-mortgages-broker.co.uk/buy-to-let-news/lendinvest-increases-loan-sizes-and-reduces-icr-in-latest-buy-to-let-product-range-update/
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