LendInvest has made reductions to its residential and buy-to-let (BTL) mortgage rates.
Its residential pricing has been lowered by 0.1%. Options include lending up to 90% loan to value (LTV) and interest-only products.
LendInvest’s residential products are open to borrowers who may not fit traditional high street criteria, including the self-employed, people with less-than-perfect credit histories, people with complex or multiple income streams, key workers and young professionals.
The lender has also reduced its five- and seven-year fixed BTL rates by 0.15%.
Additionally, LendInvest has launched five-year fixes for BTL borrowers at 70% LTV.
The specialist lender will reduce its Residentials Mortgage products by 10 basis points (bps).
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Sophie Kettle, commercial director at LendInvest, said: “These rate reductions across both our residential and BTL product ranges demonstrate LendInvest’s commitment to providing competitive and flexible mortgage solutions.
“As a company, we understand that borrowers’ needs are diverse, and we strive to offer products that cater to a wide range of circumstances, from first-time homebuyers to experienced property investors.”
Earlier this month, it reduced two-year fixed rates.
West One releases BTL AVMs and cuts rates
West One Loans has introduced automated valuation models (AVMs) for BTL, which it said would speed up completion times.
The AVM will use data from recent sales, property features and market trends to generate property values. West One Loans said this would also allow applications to be completed faster than with traditional methods, and principal offers can be made within 24 hours of receiving a decision.
It is available on its limited-edition W1 product up to 65% LTV with a maximum loan size of £500,000. Houses in multiple occupation (HMOs), multi-unit blocks (MUBs), flats and new builds are excluded.
There are no valuation fees.
The lender has also made a 0.45% reduction to BTL rates, now starting at 2.29%.
Andrew Ferguson, head of BTL at West One, said: “At West One, we know that in a fast-moving market, efficiency is essential. That’s why we’ve introduced AVMs to our BTL offering.
“By utilising the speed of automation, we’re eliminating the delays that can slow down some traditional standard valuations, empowering brokers to make decisions faster and give their clients improved access to timely offers. Combined with our recent rate cut of up to 45bps, this advancement underscores our commitment to market leadership in efficiency and value. By accelerating the assessment process, we’re giving brokers the confidence to close deals faster and with the rate reduction, at a better price.”
