LendInvest has launched ‘BTL Plus’, an exclusive 1-year fixed-rate product, through a select panel of intermediary partners and packagers.
The 1-year fixed rate of 3.45% is available up to 65% loan-to-value (LTV), and 3.55% up to 70% LTV through select distributors, with a product fee of 1.5% which can be added to the loan.
Affordability is calculated at an Interest Cover Ratio (ICR) of 5% against the total gross loan amount.
The mortgage is available on properties up to a maximum value of £500,000 for remortgages only, and suitable for standard property types.
The BTL Plus product is designed for landlords who are currently on a higher standard variable rate, seeking to move to a lower rate with the option to leverage in the future.
Andy Virgo, director for buy to let at LendInvest, said: “Right now the team is focussed on building products that our customers truly need during this unusual time.
“To do so we must play to our strengths and get truly innovative when it comes to product development; which is why we are particularly excited to announce the launch of our BTL Plus mortgage today.
“With a great initial reception from our limited distribution panel, I look forward to ensuring this new product reaches landlords that need it across the country.”
LendInvest will be utilising desktop valuations via Connells to ascertain the security value, in absence of a valuer being able to make a physical visit to the property.