LendInvest has entered the buy-to-let market with a selection of fixed rate products for 2, 3 and 5-years distributed through brokers in England, Wales and Scotland.
The lender is looking to cater for experienced landlords and it mostly expects to lend to those using limited companies, though it also lends to individuals.
To 60% loan-to-value its 2-year fix costs 3.69%, its 3-year fix is 3.79% and its 5-year fix has a rate of 3.99%. To 80% LTV rates are 4.49% for a 2-year fix, 4.59% for a 3-year fix and 4.79% for a 5-year fix.
It also has rates at 65%, 70% and 75% LTV.
Products come with a 1.49% product fee and loan amounts between £50,000 and £5m are available on terms from five to 30 years.
Ian Boden, sales director at LendInvest, said: “Today we’re bringing to market a buy-to-let product that has been created to counter the complaints and concerns we hear from brokers about the quality and accessibility of buy-to-let loans currently on offer.
“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.”
Brokers use an online platform to apply for mortgages, which LendInvest said will alleviate ‘pain points’ in buy-to-let by speeding up applications.
Ian Thomas (pictured), co-founder and chief investment officer at LendInvest, said: “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.
“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.”
Ian Boden, who was hired from Aldermore in September, will be responsible for rolling out LendInvest’s buy-to-let offering nationwide.
LendInvest has already had a three week pilot with a small number of brokers.