LendInvest has launched an exclusive five-year fixed rate product for intermediaries through Buy to Let Club.
The new deal, available on loans up to £500,000 for purchase and remortgages, is suitable for standard property types and HMOs.
The five-year fixed rate of 2.75% is available up to 75% LTV through the distributor, with a product fee of 4.99% which can be added to the loan.
Affordability is calculated at an Interest Cover Ratio (ICR) of 140% for higher rate taxpayers; 125% for limited companies and basic rate taxpayers, at an assessment rate of 4.19% against the total gross loan amount.
Designed for landlords who wish to utilise a higher fee, lower interest rate loan, this product allows the borrower to leverage their cash flow.
LendInvest recently removed the need for a debenture and floating charge, amongst a series of key changes to its full, in-house BTL product range.
Ian Boden, sales director at LendInvest, said: “We are thrilled to be working closely with Buy to Let Club to bring a product to market that’s tailor-made for portfolio landlords.
“We believe that the market is clearly shifting towards professional property investors who are seeking a lender that understands the dynamics of their business along with their need to manage cash flow.”