UK-based property finance platform LendInvest has updated its Buy-to-Let product. The Fintech has boosted its maximum loan size for MUFB properties up to £1 million for 70% LTV, £1.5 million up to 65% LTV and will now accept up to £3 million up to 60% LTV, according to a company release.
LendInvest adds that the lender has also reduced its ICR to 125% at 4% for basic rate taxpayers on their five-year pay rate product enabling landlords greater leverage for lower-yielding properties.
In a move to increase demand, LendInvest has recently announced a series of “Summer Special” offers, which will run to the 31 of August 2020. The current offering lists its two year fixed 75% LTV product at a rate of 3.49%, with a maximum loan size of £750,000. The offer extends to the lender’s five year fixed mortgages, with its 70% LTV product available at a rate of 3.69% and 75% LTV product available at 3.59%, or 3.69% with a 4% ICR.
Andy Virgo, Director for Buy-to-Let at LendInvest, commented:
“We are consistently listening to our broker partners and monitoring the market post lockdown to ensure we are responding effectively to what landlords need to keep their business moving forward in a somewhat unique environment. The time is right to make these changes, and is the start of further enhancements to our proposition through the rest of the year.”