LendInvest has announced that it has launched a new and exclusive five year product for intermediaries through Buy to Let Club.
According to the lender, the new product is at 2.75%, available up to 75% and carries a product fee of 4.99% which can be added to the loan.
Affordability is calculated at an Interest Cover Ratio (ICR) of 140% for higher rate taxpayers; 125% for limited companies and basic rate taxpayers, at an assessment rate of 4.19% against the total gross loan amount.
The mortgage is available on loans up to £500,000 for purchase and remortgages, and suitable for standard property types and HMO’s.
Designed for landlords who wish to utilise a higher fee, lower interest rate loan, this product allows the borrower to leverage their cash flow.
LendInvest recently removed the need for a debenture and floating charge, amongst a series of key changes to its full, in-house BTL product range.
Ian Boden, Sales Director at LendInvest, said: “We are thrilled to be working closely with Buy to Let Club to bring a product to market that’s tailor-made for portfolio landlords. 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.”
Ying Tan, Managing Director of Buy to Let Club, added: “LendInvest has been a welcome addition to the market since its launch into Buy-to-Let loans last November. 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.”