LendInvest a UK-based marketplace for property financing, announced earlier this week it has introduced updates to its Buy-to-Let product range; including raising its LTV and maximum loan limits, and broadening its lending criteria to include first-time landlords and student lets.
LendInvest reported it is now offering 80% LTV products on standard properties, with a maximum loan size of £500,000. The online lender is also increasing its maximum loan size for standard properties to £1.5million, with the maximum loan size for MUFB cases increasing to £3 million with LTVs up to 75%.
LendInvest also revealed it will be launching a funding offering for first-time landlords, and student let HMOs up to six bedrooms. LendInvest BTL customers will 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.
While sharing more details about the updates, Andy Virgo, Director for Buy-to-Let at LendInvest, stated:
“Landlords are looking to move fast, and stay flexible when considering new projects at this time – in order to do that, they need the right products available to them. With these new updates, I am confident we are not only able to deliver competitive funding options, but also the right team and expertise behind them to act as a vital partner for our customers as they seek to expand their portfolios.”
Lucy Barrett, Managing Director at Vantage Finance, then concluded:
“These product improvements are yet another clear affirmation of LendInvest’s reputation for listening to, and supporting BTL landlords. The addition of larger loans, higher LTVs and support for HMO landlords with reduced fees will be a winning combination for landlords to grow their businesses throughout the ongoing SDLT holiday.”