Mortgages

LendInvest launches legal fee cashback in criteria overhaul

The maximum loan size for both large HMOs and MUFBs has increased to £3,000,000.

Rozi Jones
|
15th January 2020
BTL buy to let
"We are excited to be hitting the ground running this year with a broadening of our product criteria."

LendInvest has overhauled its buy-to-let product criteria with an increased maximum loan size for all property types and a new cash back contribution towards legal fees.

The lender has increased its definition of small HMOs from up to 6 to 8 bedrooms and large HMOs from 9 to 15 bedrooms.

The maximum loan size for both large HMOs and MUFBs has increased to £3,000,000, with the definition of a MUFB changing from up to six units, to up to 10 units.

A large loan range has also been introduced for standard properties and small HMOs, with products available for up to £2m at a maximum of 70% LTV.

BTL customers will also receive a £500 cashback contribution towards legal fees when they take out a five-year fixed buy-to-let mortgage for standard property types on products up to 75% LTV.

Ian Boden, sales director at LendInvest, commented: “After a fantastic 2019 for our buy-to-let product, we are excited to be hitting the ground running this year with a broadening of our product criteria.

"Ever eager to increase the flexibility of our product, we are confident these changes will put us in good stead for a busy 2020; and look forward to further increasing our loan volumes in the coming months.”

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