LendInvest has today announced a new five-year fixed rate product available only through Buy to Let Club.
The five-year rate is fixed at 2.75 per cent and is available on up to 75 per cent LTV with a product fee of 4.99 per cent, which can be added to the loan.
The ICR is 140 per cent for higher rate taxpayers and 125 per cent for limited companies and basic rate taxpayers, with an assessment rate of 4.19 per cent against the total gross loan amount.
The maximum loan amount is set at £500,000 for purchases and remortgages, and is applicable for both standard property types and HMOs.
This new release follows a recent BTL range facelift, which saw LendInvest remove the requirement for a debenture or floating charge on limited company applications for its buy-to-let offerings.
LendInvest sales director Ian Boden says: “We believe that the market is clearly shifting towards professional property investors who are seeking a lender that understands the dynamics of their business along with their need to manage cash flow.”
Buy to Let Club managing director Ying Tan adds: “The market is in need of the innovative approach to loan provision LendInvest is adding through its use of technology to streamline the application process. It’s terrific to see the business bringing that same innovation to product design.”