Online property finance platform LendInvest has announced the expansion of its services into Scotland. LendInvest will offer Buy-to-Let property financing as the “Scottish property market booms.” LendInvest states that recent research shows that property prices in Scotland have soared to an 11 year high, with Glasgow reporting the fastest growing house prices in the UK.
LendInvest sharest that its current 2 year fixed rates start at 2.89% with five years starting at 3.19%. ICR assessment rate is 5% across all products, with the exception of the 5 year fixed interest product which remains at 3.6%.
Scottish borrowers will also have access to a £750 legal fee cashback offer on 5-year fixed to 75% LTV.
This most recent move comes months after the announcement that LendInvest has received £200 million in funding from the National Australia Bank for the business to expand its capacity to lend in the UK BTL market.
Ian Boden, Sales Director at LendInvest, said that Scotland has always been a priority market for LendInvest.
“For a location with such huge potential, it’s surprising that the Scottish market continues to be undersupplied by active mortgage providers,” said Boden. “Following the fantastic reception we’ve had for our BTL product so far in England and Wales, we are excited to be delivering the same high quality loans to the Scottish market.”