LendInvest relaxes buy-to-let criteria

29 September 2020 | General

LendInvest has raised buy-to-let LTVs to 80% and increased its maximum lending limits.

The lender raised maximum loan sizes for standard properties to £1.5m, while the maximum loan size for MUFB cases increased to £3m, with LTVs up to 75%.

Andy Virgo, director for buy-to-let at LendInvest, said: “Landlords are looking to move fast, and stay flexible when considering new projects at this time – in order to do that, they need the right products available to them.

“With these new updates, I am confident we are not only able to deliver competitive funding options, but also the right team and expertise behind them to act as a vital partner for our customers as they seek to expand their portfolios.”

LendInvest is also launching a funding offering for first-time landlords, and student let HMOs up to six bedrooms.

Buy-to-let customers will also receive a £500 cashback contribution towards legal fees when they take out a 5-year fixed mortgage for standard property types on products up to 75% LTV.

Customers are also eligible for a £200 cashback on all applications where Open Banking is used.

Lucy Barrett, managing director at Vantage Finance, added: “These product improvements are yet another clear affirmation of LendInvest’s reputation for listening to, and supporting buy-to-let landlords.

“The addition of larger loans, higher LTVs and support for HMO landlords with reduced fees will be a winning combination for landlords to grow their businesses throughout the ongoing SDLT holiday.”

This post has originally been featured in Property Wire.