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LendInvest has revamped its buy to let investments range, offering free title insurance and reduced legal fees for all remortgage cases amounting to up to £750,000.
LendInvest has opted to drop its debenture and floating charge amidst a series of changes to its buy to let product in a bid to remain competitive in an increasingly growing market.
The lender has decided that it will no longer require a debenture or floating charge on limited company applications. It has also made title insurance available at no cost to the borrower on all remortgage cases up to £750,000. However, houses in multiple occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs) are excluded from the new deals.
Title insurance is used to streamline the loan application process and provides cover for issues that might appear in the due diligence process.
In addition, LendInvest is reducing the standard legal fees where Title insurance is used. It is also reducing the ICR assessment rate to 5 per cent across all of its products. This is with the exception of the five-year fixed interest product which is set to remain at 4.19 per cent.
LendInvest is among a recent swathe of lenders looking to revitalise their buy to let offerings as the sector grows in size. The number of mortgages available to buy to let landlords is swiftly growing, rendering it essential for lenders to remain competitive and ahead of the latest trends.
Sales director at LendInvest, Ian Boden spoke out about the changes to the selection: ‘Driving faster completion whilst entrenching a robust underwriting process is always front of mind for the team. We retain a prudent LTV and assess each landlord’s full portfolio, allowing us to make these key changes to our application process and deliver the right loan to our borrowers at speed with this new competitive offering.’