LendInvest, a UK-based online marketplace for mortgages, announced on Wednesday it has made key changes to its BTL product range, which includes increasing the maximum loan size for all property types and introducing a new cashback contribution towards legal fees. The lender then revealed that it has increased its definition of small HMO’s from up to 6 to 8 bedrooms, whilst increasing their definition of a large HMO from 9 to 15 bedrooms.
“The maximum loan size for both large HMO’s and MUFB’s has increased to £3,000,000, with the definition of a MUFB changing from up to six units, to up to 10 units. A large loan range has also been introduced for standard properties and small HMO’s, with products available for up to £2m at a maximum of 70% LTV.”
LendInvest also reported that its BTL customers will also receive a £500 cashback contribution towards legal fees when they take out a 5-year fixed BTL mortgage for standard property types on products up to 75% LTV. The lender’s two-year fixed rates currently start from 2.89%, and five-year fixed rates from 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%.
The expansion of BTL product range comes just weeks after LendInvest expanded its BTL offering into Scotland in response to increasing demand for long-term property finance in the Scottish housing market. Ian Boden, Sales Director at LendInvest, added:
“After a fantastic 2019 for our BTL product, we are excited to be hitting the ground running this year with a broadening of our product criteria. Ever eager to increase the flexibility of our product, we are confident these changes will put us in good stead for a busy 2020; and look forward to further increasing our loan volumes in the coming months.”