LendInvest has made a number of changes to its buy-to-let product range, increasing the maximum loan size for all property types and introducing a new cashback contribution towards legal fees.
The lender has increased their definition of small HMOs from up to six to eight bedrooms, while increasing its definition of a large HMO from nine to 15 bedrooms.
The maximum loan size for both large HMOs and MUFBs has increased to £3,000,000, with the definition of a MUFB changing from up to six units, to up to 10 units.
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.
LendInvest buy-to-let customers will also 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%. ICR assessment rate is 5% across all products, with the exception of the five-year fixed interest product which remains at 3.6%.
At the end of 2019, LendInvest expanded its buy-to-let offering into Scotland in response to increasing demand for long-term property finance in the Scottish housing market.
Ian Boden (pictured), sales director at LendInvest, said: “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.”