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TODAY'S OTHER NEWS

LendInvest abolishes debenture floating charges as part of changes to its products

LendInvest has scrapped its debenture and floating charges, as part of a series of product changes.

The lender has also reduced its ICR assessment rate to 5% across all its products with the exception of the five-year fixed interest product which remains at 4.19%.

Ian Boden, sales director at LendInvest, said: “Driving faster completion whilst entrenching a robust underwriting process is always front of mind for the team.

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“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.”

Title insurance will now also be available at no cost to the borrower on all remortgage cases up to £750,000, 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.

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