UK-based marketplace platform for mortgages LendInvest recently announced it has removed its debenture and floating charge to its Buy-to-Let (BTL) loan product. The online lender reported that it will no longer require a debenture or floating charge on limited company applications.
According to LendInvest, as part of its platform changes, title insurance will also be available at no cost to the borrower on all remortgage cases up to £750,000, with the exception of HMO and MUFB property types. It was noted that title insurance streamlines the loan application process and provides cover for issues that regularly crop up in the due diligence process. LendInvest is also reducing the standard legal fees where Title insurance is used.
LendInvest also revealed that it will be reducing ICR assessment rates BTL loan to 5% across all of the lender’s products with the exception of the 5-year fixed interest product which remains at 4.19%. Speaking about the changes, Ian Boden, Sales Director at LendInvest, stated:
“Driving faster completion whilst entrenching a robust underwriting process is always front of mind for the team. We retain a prudent LTV and assess each landlord’s full portfolio, allowing us to make these key changes to our application process and deliver the right loan to our borrowers at speed with this new competitive offering.”
The changes made to LendInvest’s platform follows the recent release of its latest LendingInvest Buy-to-Let Index report, which ranks 105 postcode areas around England and Wales based on the combination of four critical metrics, capital value growth, transaction volumes, rental yields, and rental price growth. The following was founded in the latest report:
- Luton (#1) reclaims top spot for the third time since December 2016
- Birmingham (#4) holds firm ahead of Manchester (#5) as the Midlands town presents key investment opportunity
- Regional capitals Cambridge and Bristol break into the Top 10 (#6 and #8)
- Inner London postcodes bounce back one year on; South East London jumps from #79 (June 2017) to #33
