LendInvest has made several changes to its buy-to-let product range in a bid to appeal to borrowers.
The lender has increased the maximum loan size for all property types and introduced a new cashback contribution towards legal fees.
LandInvest has also increased its definition of small HMOs from up to six to eight bedrooms, while its definition of a large HMO is now 15 bedrooms, up from nine.
The maximum loan size for both large HMOs and MUFBs has increased to £3m with the definition of a MUFB changing from up to six units, to up to 10 units, while a large loan range has also been introduced for standard properties and small HMOs, with products available for up to £2m at a maximum of 70% LTV.
Those taking out a mortgage with can expect to receive a £500 cashback contribution towards legal fees when they take out a five-year fixed buy-to-let mortgage for standard property types on products up to 75% LTV.
LendInvest’s two-year fixed rates currently start from 2.89%, and five-year fixed rates from 3.19%.
Ian Boden, sales director at LendInvest, commented: “After a fantastic 2019 for our buy-to-let product, we are excited to be hitting the ground running this year with a broadening of our product criteria.
“Ever eager to increase the flexibility of our product, we are confident these changes will put us in good stead for a busy 2020; and look forward to further increasing our loan volumes in the coming months.”
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