LendInvest launches new one year fixed BTL product
LendInvest, the UK’s leading platform for property finance, has launched an exclusive one year fixed rate product, ‘BTL Plus’, via a select panel of key intermediary partners and packagers. Desktop valuations will be used to ascertain the security value, in absence of a valuer being able to make a physical visit to the property.
The one year fixed rate of 3.45% is available up to 65% LTV, and 3.55% up to 70% LTV through select distributors, with a product fee of 1.5% which can be added to the loan.
Affordability is calculated at an Interest Cover Ratio (ICR) of 5% against the total gross loan amount.
The mortgage is available on properties up to a maximum value of £500,000 for remortgages only, and suitable for standard property types.
The BTL Plus product is designed for landlords who are currently on a higher standard variable rate, seeking to move to a lower rate with the option to leverage in the future.
LendInvest will be utilising desktop valuations via Connells to ascertain the security value, in absence of a valuer being able to make a physical visit to the property.
Andy Virgo, director for buy-to-let at LendInvest, said: “Right now the team is focused on building products that our customers truly need during this unusual time. To do so we must play to our strengths and get truly innovative when it comes to product development; which is why we are particularly excited to announce the launch of our BTL Plus mortgage today.
“With a great initial reception from our limited distribution panel, I look forward to ensuring this new product reaches landlords that need it across the country.”