A buy-to-let (BTL) loan product targeted at experienced, professional property investors and landlords operating in England, Wales and Scotland has been launched by online mortgage broker LendInvest.
Available for amounts between £50,000 and £5 million, on terms of up to 30 years, LendInvest’s BTL loans have a maximum loan-to-value of 80%.
The loans, which are available via intermediaries, have been priced to be highly competitive in the current specialist BTL market, including ‘attractive’ 2, 3 and 5-year fixed-rate products.
The loans, which are on offer to both limited companies and individual property investors, have been designed with portfolio landlords in mind and covers the entirety of the UK’s property investment market.
Brokers can apply for the BTL product for their clients through LendInvest’s fully online platform, with this ‘end-to-end, paperless system’ specially created to reduce traditional pain points in the typical BTL mortgage process. The aim is also for the online system to speed up applications and provide greater admin support to LendInvest’s experienced underwriting team.
LendInvest hope this will improve the speed with which they can issue decisions (both in principle and final) and push through deals.
Ian Boden, who was appointed as sales director at LendInvest in September after joining from Aldermore, has overseen the specialist finance lender’s entry into the BTL market and the rollout of its BTL product nationwide. “We’re bringing to market a BTL product that has been created to counter the complaints and concerns we hear from brokers about the quality and accessibility of BTL loans currently on offer,” he said.
“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.”
Ian Thomas, co-founder and chief investment officer at LendInvest, also outlined his views on the new product. “Following a successful pilot phase, we are very pleased to launch our BTL product into England, Wales and Scotland. This launch is a natural next step for LendInvest, taking us into the longer duration specialist lending space for the first time.”
He added: “Offering BTL 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.”