We lend to individuals, limited companies, limited liability partnerships (LLPs) and new special purpose vehicles (SPVs). The company SIC code must relate to property management, investment or development. Our borrowers are typically professional portfolio landlords.
No.
Yes, so long as they fulfil the residential requirements as outlined in the question below.
For tier 1 rates, the applicant(s) must be a UK resident and have been resident in the UK for the past 3 years.
For tier 2 rates, the applicant(s) must have a three-year UK residential history and a permanent right to reside in the UK.
For individual applications, we accept up to two applicants.
For corporate applications, we accept up to four directors/shareholders/members.
We lend up to a maximum of £2 million for standard properties and small HMOs, £3 million for large HMOs and MUFBs. The most we will lend to one borrower is £5 million. Please see our Buy-to-Let mortgages page for more information.
Yes, you can repay up to 10% of the outstanding loan balance in any 12-month period (calculated by taking the balance at completion and each anniversary thereafter) without incurring an early repayment charge.
No.
For first-time landlords, defined as landlords who have less than 12-months experience, they are required to demonstrate income of £30,000. More experienced landlords are required to demonstrate sufficient income.
The rental income from the portfolio must equate to 125% of the outstanding debt on a portfolio at 5.50%
If the portfolio falls below this threshold, however, our underwriters will take a flexible approach, having discretion to accept a lower rental coverage with reference to the liquidity of the portfolio and, if applicable, other assets belonging to the applicant(s). Please see our Buy-to-Let lending criteria for more information.
The rent being generated from an investment property must equal the required ICR/DSCR percentage at the rate relevant to that product, as set out in the table below. For example, 125% at 5.00% means that the rental income must be 125% of the mortgage payments assuming an interest rate of 5.00%.
| Applicant | Single properties | HMO and MUFB |
|---|---|---|
| Basic rate taxpayer (20%) | 125% | 130% |
| Limited company or LLP | 125% | 130% |
| Higher rate taxpayer (40%) | 140% | 145% |
| Additional rate taxpayer (45%) | 140% | 145% |
Yes, we apply title insurance to Buy-to-Let remortgages on standard properties and HMOs (not MUFBs) with a loan amount of £750,000 or less. This is insurance obtained against unknown but existing title defects, avoiding the need for standard conveyancing and other property related searches.
Yes. The minimum valuation is £150,000 in London, and £75,000 for the rest of the UK.
All applications for our Buy-to-Let mortgages are made online via our broker portal. You will first need to register on the portal. Once you have requested access and we have confirmed your registration, you can log in to your account and start submitting cases.
No. We offer our Buy-to-Let mortgages solely through our intermediary partners, but we do offer bridging and development loans direct to borrowers.
In the application screen of the online portal, go to the actions section and click ‘upload supporting documentation’. From there, you can click ‘upload document’ and choose from the dropdown list what type of document you wish to upload.
Once the offer has been sent to the borrower, you can click on the offer link on the application screen of the portal to download a copy.
Yes. Please get in touch with your designated case manager.
Until we sign up to the Direct Debit Guarantee scheme a paper copy is required.
When you have submitted your application, the case status will show as ‘reviewing’ alongside the borrower’s name. This will turn green and show as ‘signed’, along with the date it was signed, once your client has e-signed the application.
No.
No. The valuation will be commissioned by LendInvest from a valuer on our panel.
DIP – A decision in principle in in progress on the online portal.
DIP issued – The decision in principle has been issued and presented to the borrower.
New – An application form is in progress on the online portal.
Submitted – The application form has been submitted to the borrower to confirm and sign.
Application form signed – The application form has been signed by the borrower and the case has been assigned to a case manager and underwriter. The broker will now receive a task to pay the valuation fee.
Fee paid – The broker has paid the valuation fee.
Packing – The assigned case manager is carrying out initial due diligence checks on the borrower, property and portfolio.
Reviewing – The assigned underwriter is assessing the case.
Valuation – The valuation has been instructed.
Underwriting valuation – We have received the valuation report and the case is being underwritten.
Preparing offer – The assigned underwriter is ready to proceed to a formal offer.
Offer – The offer has been issued to the borrower to e-sign via DocuSign.
Offer signed – The borrower has signed the offer.
Legals instructed – We have sent formal instructions to our solicitors.
ROT received – Solicitors will send the report on title and request funds for completion.
ROT reviewed – The assigned underwriter will review the report on title to ensure conditions are met as per the mortgage offer.
Funds released – The case has been signed off for completion and the funds have been sent to the designated solicitor for completion.
Completed – Solicitors will confirm completion and the status will be updated.
Please get in touch with the relevant team:
Our case managers will provide updates throughout the process. Alternatively, email or call your allocated case manager.
Currently, our online portal doesn’t allow for an application to be duplicated, but we are looking to develop this functionality soon.
Our procuration fee is 0.60% of the advance.
There are no early redemption charges once the fixed period ends.
Currently, we cannot collect any additional fees, but we hope to allow for this in future.
Yes, up to 85% LTV.
Yes. You can find the full list of acceptable and unacceptable properties in our Buy-to-Let lending criteria.
Yes, but this is subject to certain restrictions:
Yes. We lend on standard properties and small HMOs (up to 6 rooms) in Scotland, England and Wales. Buy-to-Let for MUFB and Large HMOs (7 rooms plus) are only available in England and Wales.
Please download our Buy-to-Let lending criteria for full details.
Once we have received the signed application from the applicant(s), we will send them a link to the Onfido platform to carry out their identification check.
The whole process takes 60 seconds, and can be completed on a smartphone, tablet or laptop.
Onfido is the UK’s leading identity verification company. We’ve partnered with them so we can more quickly confirm the borrower’s identity. The new process takes just 60 seconds and removes the need for certified physical copies of documents, making our Buy-to-Let mortgage application process even easier.
Your allocated case manager will carry out an electronic address verification check through Equifax, removing the need for a certified copy of the borrower’s proof of address.
If the checks fail, you will need to send us a certified copy of the borrower’s identification and/or a certified copy of their proof of address. Please see our identity documents guide for more details.
As of May 2020 we are paying procuration fees automatically and you will no longer need to submit an invoice for each deal submitted.
Please contact [email protected] and a team member will assist you.
Please email [email protected] to let the team know you have new bank details. We will need a welcome letter or bank statement that includes the name of the account, account number and sort code. You will then be called by a team member to confirm your details.
They are automatically paid on Wednesday.
We will pay the club directly.
Once your case is offered we will email you requesting a copy of your bank welcome letter or bank statement which includes the name of the account, account number and sort code.
Once received we will call you to confirm the details are correct and input them into our system to be stored securely for all future applications.
You can send us an invoice as a one off and we will use the bank and sort code provided for future payments.
Please contact your case manager or [email protected] and we will investigate.