LendInvest introduces new 5 year fixed rate buy to let product
LendInvest, the UK’s leading online platform for property finance, has launched a new five year fixed rate product amongst a series of improvements to its Buy-to-Let (BTL) product range.
The five year fixed rate BTL product will be available up to 75% LTV, with the ICR calculation at the pay rate of 3.89%, assessed at 125% for Limited Companies and 140% for all individual borrowers, (irrespective of their tax rate). The reversion rate for this product is 3.80% +LIBOR.
LendInvest has also launched new 2 and 5 year fixed rate products with no product fee, providing borrowers with the freedom to choose between paying more upfront with a lower monthly pay rate, or spreading the cost over the initial term.
Supporting this series of changes, Title Insurance will now also be available for HMO remortgage cases up to 750k. Title Insurance streamlines the loan application process and provides cover for issues that regularly crop up in the due diligence process.
Ian Boden, pictured, Sales Director at LendInvest, said:
“Striving to bring our borrowers the very best products for their projects is central to LendInvest’s operations. It is also key, therefore, to make certain we are always thinking long term when we launch a new product to market.
“Keeping our reversion rates low ensures our borrowers aren’t left in a difficult position at the end of their fixed term, an important factor that is easy to overlook when seeking the best rates in the short term.”