LendInvest removes debenture and reduces ICR assessment rates for Buy-to-Let loans
LendInvest, the UK’s leading marketplace platform for mortgages, has dropped its debenture and floating charge amongst a series of changes to its Buy-to-Let product.
The lender no longer requires a debenture or floating charge on limited company applications.
Title insurance will now also be available at no cost to the borrower on all remortgage cases up to £750k, with the exception of HMO and MUFB property types. Title insurance streamlines the loan application process and provides cover for issues that regularly crop up in the due diligence process. LendInvest is also reducing the standard legal fees where Title insurance is used.
LendInvest is also reducing the ICR assessment rate to 5% across all of our products with the exception of the 5 year fixed interest product which remains at 4.19%.
Ian Boden, pictured, Sales Director at LendInvest, said:
“Driving faster completion whilst entrenching a robust underwriting process is always front of mind for the team. We retain a prudent LTV and assess each landlord’s full portfolio, allowing us to make these key changes to our application process and deliver the right loan to our borrowers at speed with this new competitive offering.”