LendInvest has refreshed its buy-to-let product range with rates now starting from 2.99%.
The mortgage products, which are available up to 75% loan-to-value (LTV) as valuations resume, are calculated at an affordability Interest Cover Ratio (ICR) of 5% against the total gross loan amount, while the lender has adjusted its definition of small HMO’s to six bedrooms.
Two-year fixed rates start at 2.99% available up to 65% LTV, and 3.29% up to 70% LTV, with a maximum loan size of £750,000.
The lender has reintroduced its five-year fixed rate 75% LTV product, which will be available at a rate of 3.99%, with 70% LTV available at 3.49%, and 65% LTV at 3.29%.
In addition, LendInvest has a five-year fixed rate at 3.69% available up to 70% LTV, with an ICR at 4%
LendInvest BTL customers will receive a £500 cashback contribution towards legal fees when they take out a five-year fixed BTL mortgage for standard property types on products up to 75% LTV. On standard residential loans, borrowers are offered a valuation fee of £150.
Andy Virgo, director for buy-to-let at LendInvest, commented: “It is encouraging to see the housing industry start shifting safely back into gear this week, and the team are primed and ready to hit the ground running with this new refresh to our product range.
“As a lender that has remained open for business over the last couple of months I am confident that we are in a uniquely advantageous position to best serve our customers as valuers return to work, all whilst staying alert to the evolving crisis-environment.”