UK-based online lending platform LendInvest announced its latest update regarding the deferments of BTL payments during the COVID-19 outbreak. According to the online lender, landlords with a LendInvest mortgage who believe they will have genuine difficulties making their payments as a result of the COVID-19 impact should contact the LendInvest team for more information about the options they have.
“We have no wish to see tenants lose their homes as a consequence of the COVID-19 outbreak, and we encourage every landlord who has a loan with LendInvest to act responsibly both toward their tenants and towards their mortgage commitments. We will discuss their individual circumstances, part of which will include understanding what other resources they may have available to pay the mortgage. This is not an automatic payment holiday. After reviewing individual circumstances, we will then ascertain the best way in which to exercise forbearance, if appropriate.”
LendInvest further added that where a borrower is excused from making a payment in any one month, missed payments will be added to the borrower’s outstanding balance and will attract interest at the relevant account rate.