LendInvest Mortgages has announced a rate reduction on its 5 and 7-year Buy-to-Let (BTL) mortgages. Effective immediately, the rates have been reduced by 10 basis points (bps).
The initial rates on 5-year fixed products at 75% LTV start from 4.79% for standard properties, 4.89% for small Houses in Multiple Occupation (HMOs), up to 6 bedrooms and 4.94% for small Multi-unit Freehold Blocks (MUFBs) up to 6 units.
This 10bps reduction applies to LendInvest's wide range of 5-year fixed rate products including ExPat BTLs, Bridge-to-Let, HMOs up to 15 bedrooms, MUFBs up to 10 units and Holiday Lets.
For broker’s clients looking for a more secured payment over time, this rate reduction will cover 7-year fixed rate mortgages along with added incentives like cashback up to £350.
This rate reduction follows the recently announced enhancements to the criteria for LendInvest’s Expat BTL range, offering British citizens overseas the opportunity to continue to grow their property portfolio. Based on broker feedback, the Expat BTL range now lends to retired customers, and self-employed Expats are now considered for funding provided that their income is earned in the UK.
Previously Expat customers would require £50k employment income to qualify for a BTL product, but now the income is per application rather than the applicant, which provides more solutions to more clients.
LendInvest has continued to place a strong focus on simplifying the application process. Carried out in the company’s innovative Mortgages Portal, brokers will find the convenience of instant decisions in principle (DIPs), fast underwriting and direct access to a team of experts that can make the most complex of deals simple.
Sophie Mitchell-Charman, Commercial Director at LendInvest, said: "At LendInvest, we have always been committed to providing simple mortgage and property solutions. With this rate reduction of 10bps on our 5- and 7-year fixed BTLs, brokers can empower and unlock their clients' potential, whether they are portfolio landlords, limited companies, or first-time landlords.
“We always take on feedback from our brokers and their clients, and that’s why we’re excited to expand on our Expat BTL range which enables British citizens living overseas to continue to grow their property portfolios, even into retirement.”
