Proptech LendInvest has announced rate reductions for buy to let (BTL) loans and a new five year fixed product.
LendInvest states that it has reduced rates across its two year fixed rate products. It’s 70% LTV two year fixed rate will now be available at 3.19%, and its 75% LTV product will now be offered at 3.29%.
LendInvest has also introduced a new five year fixed rate product available for 3.54% at an LTV of 75%. For individual and corporate landlords, rates have also been reduced to 3.64% for both 75% LTV products at 4% and 3.64% ICR, with a reduced fee on the latter.
Andy Virgo, Sales Director at LendInvest, said they are working to ensure the product suite they have on offer reflects what their landlords need right now, and their risk appetite is positioned correctly.
“We are heading into the new year with a huge capacity to lend, and we have coupled these product updates with further adjustments to our criteria to reflect that.”
At the Bank of England, Monetary Policy Committee meeting earlier this month the Comittee voted unanimously to maintain Bank Rate at 0.1% representing exceptionally low interest rates in the COVID impacted economy. The housing market remains robust aided by a stamp duty holiday that is scheduled to end in 2021.
