Specialist property lender LendInvest has launched a new range of buy to let products, whilst Newcastle Intermediaries has cut buy to let rates.
LendInvest’s products target landlords and professional property investors across England, Scotland and Wales. The loans are available for sums of between £50,000 to £5 million, on terms of up to 30 years. Brokers are able to apply for the buy to let deals for their clients via LendInvest’s online platform.
Sales director at LendInvest, Ian Boden, commented: ‘Our online proposal system has been specially designed to be highly efficient, quick and easy to navigate, and lets brokers dip in and out of their clients’ applications at times that suit them. Combining these benefits with highly competitive rates, we’re confident LendInvest buy to let loans will fast become a commonplace feature of the specialist lending market.’
The product was launched following a successful pilot scheme, and will provide administrative support to LendInvest’s underwriting team. Co-founder and chief investment officer at LendInvest, Ian Thomas, added: ‘This launch is a natural step for LendInvest taking us into the longer duration specialist lending space for the first time. Offering buy to let loans is a critical strategic step that not only serves to address a continuing funding shortage, but takes us closer to our long-term ambition of becoming a leading whole-of-market mortgage lender.’
Meanwhile, Newcastle Intermediaries has slashed rates, with buy to let remortgage products standing at 2.85 per cent for two years and 3.35 per cent at five years, each at 75 per cent loan to value. Neither product has reservation or completion fees. Free standard valuation and legal fees are included.
Newcastle stress tests products at a rate of 5.5 per cent under five years, and at 4 per cent above five years. Both have a rental coverage ratio of 145 per cent.
Head of mortgage distribution at Newcastle Intermediaries, Steve Carruthers, said: ‘We have reassessed rates across our range to offer even better flexibility and support.’