LendInvest, a UK-based marketplace for property financing, announced on Wednesday it has made some updates to its Buy to Let (BTL) products as valuations are permitted to go ahead. As previously reported, 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.
LendInvest reported that two year fixed rates start at 2.99% available up to 65% LTV, and 3.29% up to 70% LTV, with a maximum loan size of £750,000. The lending platform has also reintroduced its five year fixed rate 75% LTV product, which will be available at a rate of 3.99%, with 70% LTV available at 3.49%, and 65% LTV at 3.29%.
While sharing more details about the update, Andy Virgo, Director for Buy-to-Let at LendInvest, stated that it is encouraging to see the housing industry start to shift safely back into gear.
“As a lender that has remained open for business over the last couple of months I am confident that we are in a uniquely advantageous position to best serve our customers as valuers return to work, all whilst staying alert to the evolving crisis-environment.”
The BLT updates come just days after LendInvest announced the launch of a new one year fixed rate product labeled “BTL Plus,” to a “select panel of key intermediary partners and packagers.” 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 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. Virgo also revealed at the time:
“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.”