LendInvest has updated the product specification for its buy-to-let product, announcing improved rates and the benefit of title insurance for remortgage cases.
The lender has introduced a 2.99% two year fixed rate on cases with 75% LTV, and reduced rates now starting from 3.69% for cases up to 80% LTV. These rates are available to portfolio landlords, limited companies and individuals for a limited time only.
The product updates extend to BTL remortgage cases, which now qualify for a reduced valuation fee for loans up to £300k provided the property value is less than £500k.
For a limited time, there will be free title insurance on these cases too. This will dramatically reduce the time it takes to complete the loans. Title insurance streamlines the loan application process and provides cover for issues that regularly crop up in the due diligence process. By removing the need for the lender to perform title searches, completion time can be brought forward by an average of three weeks.
By utilising both the reduced valuation fee and free title insurance, a borrower can save up to £630 in fees throughout the loan process.
To view the full updated product range, visit the LendInvest Product Guide.
Ian Boden, sales director at LendInvest, commented:
“In the five months since launch, our Buy-to-Let product has gained impressive momentum, allowing us to step back and regularly evaluate our product offering. At LendInvest we are constantly listening to the brokers we work with and re-assessing how we can adapt and evolve our proposition to best suit our borrowers. These changes are not only huge cost saving initiatives, but also dramatically cut down the time taken to deliver our loans.”