LendInvest, a marketplace for property financing, has launched a new one year fixed rate product labeled “BTL Plus,” to a “select panel of key intermediary partners and packagers.”
According to LendInvest, a one year fixed rate of 3.45% is available up to 65% LTV, and 3.55% up to 70% LTV through certain distributors, with a product fee of 1.5% which can be added to the loan. Affordability is calculated at an Interest Cover Ratio (ICR) of 5% against the total gross loan amount. The company said that desktop valuations will be used to ascertain the security value, in the absence of a valuer being able to make a physical visit to the property.
The mortgage product is available on properties up to a maximum value of £500,000 for remortgages only, and is said to be suitable for standard property types.
The BTL Plus product is designed for landlords who are currently on a higher standard variable rate, seeking to move to a lower rate with the option to leverage in the future.
Andy Virgo, Director for Buy to Let at LendInvest, commented on the new vehicle:
“Right now the team is focused on building products that our customers truly need during this unusual time. To do so we must play to our strengths and get truly innovative when it comes to product development; which is why we are particularly excited to announce the launch of our BTL Plus mortgage today. With a great initial reception from our limited distribution panel, I look forward to ensuring this new product reaches landlords that need it across the country.”