LendInvest, a top UK based fintech in the property finance sector, announced on Monday it has made some changes to its Buy-to-Let (BTL) suite, including rate reductions, the introduction of higher LTV products; and an increase in maximum loan sizes. LendInvest reported that has reduced rates across its standard BTL range, with its 80% LTV product now available at 3.89%. The platform also reduced rates and introduced a new 80% LTV product for small HMOs, while increasing the maximum loan size for small HMOs to £1 million.
LendInvest further revealed that it has introduced a new 75% LTV product for large HMOs with a maximum loan size of £1.5 million, and has increased its definition of a large HMO from 10 to 15 bedrooms. For MUFB’s, a new maximum loan size of £2 million has been introduced at 70% LTV, and £1.5 million at 75% LTV, with rate reductions across the range. LendInvest then noted it will now be offering cashback towards legal fees of 0.25% of the loan amount up to £1000 on qualifying five year fixed rate products.
While speaking about the BTL changes, Andy Virgo, Sales Director at LendInvest, stated:
“It’s an exciting time at LendInvest right now as we kick the year off with new funding for our BTL product and an extensive refresh for our BTL product suite. As the market continues to gather momentum, we are continuously looking to make property finance more simple, and deliver the products that portfolio landlords need in a constantly evolving economic landscape.”
The latest changes in LendInvest’s BTL suite come just weeks after the fintech received a commitment from global banking giant JP Morgan. According to LendInvest, JPM has committed £500 million for future loan originations through LendInvest. This investment follows the sale of a £125 million mortgage portfolio to JP Morgan in September 2020. JP Morgan notably joins a roster of institutional investors working with LendInvest, including HSBC, Citigroup, and the National Australia Bank.