LendInvest launches BTL Plus mortgage

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  • 12/05/2020
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LendInvest launches BTL Plus mortgage
LendInvest has launched a one-year fixed-rate remortgage product through a panel of intermediary partners and packagers.

 

The BTL Plus one-year fixed-rate of 3.45 per cent is available up to 65 per cent loan to value (LTV). For borrowers with a 30 per cent deposit the rate is 3.55 per cent.

There is a product fee of 1.5 per cent which can be added to the loan.

Affordability is calculated at an interest cover ratio (ICR) of five per cent against the total gross loan amount.

The mortgage is available on standard property types up to a maximum value of £500,000.

The BTL Plus product is designed for landlords who are currently on a higher standard variable rate, seeking to move to a lower rate with the option to leverage in the future.

LendInvest is using desktop valuations carried out by Connells.

Andy Virgo (pictured), director for buy to let at LendInvest, said: “Right now the team is focused on building products that our customers need during this unusual time.

“To do so we must play to our strengths and get innovative when it comes to product development which is why we are particularly excited to announce the launch of our BTL Plus mortgage today.”

 

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