Launched in 2018, Lendco is an intermediary-only specialist mortgage lender that provides non-regulated buy-to-let. It has completed nearly £1bn in total loan originations to date.
The maximum loan size for 75 per cent loan to value (LTV) products is £2m, and the maximum loan size per asset is £4m, and £10m per borrower.
Lendco’s mortgage for houses in multiple occupancy (HMO) allow up to eight letting rooms and consider multi-unit leaseholds as well as local authority or housing association tenancies. If a landlord’s rental income doesn’t meet the affordability requirements, surplus earned income can also be used to cover any rental shortfall.
The lender also offers portfolio mortgages, and accepts applications from ex-pats and foreign nationals, including registered borrowers in the Channel Islands, the Isle of Man and Gibraltar.
Danny Belton (pictured), head of lender relationships at L&G Mortgage Club said: “We are pleased to be offering this buy-to-let specialist solution to the broker network.
“With landlords buying more homes than they are selling for the first time since 2016, it is imperative that the market offers landlords competitive and flexible solutions. This range allows brokers to support landlords with complex borrowing requirements, at a time where finances may seem stretched and house prices are surging.
“I have every confidence that this will be a welcomed addition by our adviser community, who can now help their customers benefit from manually underwritten transactions by Lendco’s credit team.”
Simon Knight, managing director at Lendco, said: “Joining Legal and General Mortgage Club is the next logical step in our growth plans. It allows Lendco to upscale its operations by adding a household name to our distribution network, without impacting relationships with our select panel of brokers or compromising on the service we offer them.”