Ian Boden

LendInvest increases BTL maximum loan size and introduces new cashback

LendInvest has increased the maximum loan size for products in its BTL range and introduced a new cashback contribution towards legal fees.

The property finance marketplace has increased its definitions of both small HMOs — from up to six bedrooms to eight— and large HMOs, from nine bedrooms to 15.

For large HMOs and MUFBs, the maximum loan size has increased to £3m, while the definition of a MUFB has changed from up to six units to up to 10.

A large loan range has also been introduced for standard properties and small HMOs, with products available for up to £2m at a maximum of 70% LTV.

LendInvest’s BTL customers will now receive a £500 cashback contribution towards legal fees when they take out a five-year fixed BTL mortgage for standard property types on products up to 75% LTV.

LendInvest’s two-year fixed rates currently start from 2.89%, and five-year fixed rates from 3.19%.

The interest coverage ratio assessment rate is 5% across all products, except for the five-year fixed interest product, which remains at 3.6%.

Ian Boden, sales director at LendInvest (pictured above), said: “After a fantastic 2019 for our BTL product, we are excited to be hitting the ground running this year with a broadening of our product criteria.

“Ever eager to increase the flexibility of our product, we are confident these changes will put us in good stead for a busy 2020; and look forward to further increasing our loan volumes in the coming months.”

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