UK non-bank mortgage provider LendInvest has dropped its interest coverage ratio assessment to 5% 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 specialist lender has removed its requirement for a debenture or floating charge on limited company applications. The move is part of an effort by lenders to cut costs as they try to compete with home-owners who are increasingly turning to fixed-rate mortgages in order to finance their purchases.
UK non-bank mortgage provider LendInvest has dropped its interest coverage ratio assessment to 5% 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 move is part of an effort by lenders to cut costs as they try to compete with home-owners who are increasingly turning to fixed-rate mortgages in order to finance their purchases.