TSLE: LendInvest eyes short-term and holiday let mortgage launch

It will also be moving from the London Inter-bank Offered Rate (Libor) to use the Bank of England Base Rate as its underlying interest rate.

This change is expected to happen around early March, LendInvest buy-to-let director Andy Virgo noted.

Virgo added that after securing significant funding the business was “awash with money” and had “learnt a lot” so would be looking to enter new markets.

“We are certainly going to be looking at new areas of lending with short-term lets, Airbnb, holiday lets,” he said.

Answering questions after his presentation, Virgo said LendInvest was absolutely confident there would still be interest in the short-term let market as the pandemic eased.

“The staycation is going to be something that’s on the tip of our tongue for the next year when we’re not able to travel abroad,” he continued.

“There are many lenders already catering for short-term holiday let market and Airbnb, we’re not one of them.

“However, the next opportunity we get to launch products, assuming the timing is right, and that is key that the timing is right, I’m sure you’ll see us moving into that market.

“So yes, it’s very much something that’s going to be part of LendInvest moving forward,” he added.