LendInvest has published a number of product changes, including the removal of its debenture and the reduction of its ICR assessment rates for BTL loans. The specialist lender has removed its requirement for a debenture or floating charge on limited company applications. It has also reduced its ICR assessment rate to 5% across all products with the exception of the five-year fixed interest product, which remains at 4.19%. In addition, it will provide free title insurance for remortgage cases up to £750,000 – except for HMO and MUFB property types – as well as reduced legal fees where title insurance is used. Ian Boden, sales director at LendInvest (pictured above), said: “Driving faster completion while entrenching a robust underwriting process is always front of mind for the team. “We retain a prudent LTV and assess each landlord’s full portfolio, allowing us to make these key changes to our application process and deliver the right loan to our borrowers at speed with this new competitive offering.”
UK non-bank mortgage provider LTV has dropped its interest coverage ratio assessment to 4.19% on all but one of its products, and eliminated the need for a debenture charge on limited company applications for buy-to-let loans. The firm will also provide free title insurance for remortgage cases up to £ 967,000 ($ 750,000 ), excluding houses in multiple occupation and multi-unit freehold block properties.