Are you looking to take advantage of the stamp duty holiday? Want to buy more properties but haven’t found the right one yet? Lendinvest has recently launched their new initiative the ‘Appetite Statement’, which will provide you with the security of knowing you can make offers on properties knowing that (subject to valuation) you will get a mortgage offer.
Lendinvest is a lender whose mission is to help landlords to build their portfolios by building a lasting relationship with them and being their go-to lender of choice. And it looks like they are putting their money where their mouth is, judging by the release of their newly launched ‘Appetite Statement’.
Introduced as part of their live application process, the Appetite Statement essentially gives the landlord a clear indication as to how much they could effectively borrow and at what LTVs. The borrower can utilise the Appetite Statement for a set period of time, with any applications made within the remit of the appetite statement not requiring any underwriting and thus being subject only to valuation. The benefit here is that applications will be quick and labour light, enabling the borrower to make offers on properties knowing that, subject to valuation, they will get a mortgage offer and they can move quickly through the application process.
Who would benefit from an Appetite Statement?
The Appetite Statement is an ideal option for any investor who is looking to grow their portfolio or has a remortgage coming up. As the Appetite Statement forms part of their live application process, it allows landlords who want to progress their finance arrangements quickly to do so with minimum input.
Additionally, those looking to take advantage of the recent Stamp Duty Relief, either buying a new property or taking the opportunity to incorporate, should consider the benefits a product like this can provide.
How does it work?
As part of a live application and where a request for an Appetite Statement is made, Lendinvest will carry out an online interview to run through the borrower’s plans for the future. On the back of this, Lendinvest will produce the written Appetite Statement, which will set out their parameters for the amount that the borrower may borrow.
When the landlord is ready to progress, they can smoothly complete the application process without the need to go back through the underwriting (subject to the valuation holding up).
As well as the benefits mentioned above, it is worth noting that Lendinvest do not charge for producing this statement, nor are you bound to do any further transactions with them during the period where the Appetite Statement is valid.
Lendinvest offers mortgages to both individuals and Ltd Companies. They have no limits on the size of their borrower’s background portfolio, can lend on standard properties as well as HMOs and multi-units, and they also have a favourable rental calculation. Rates start at 2.99%.
Lendinvest products are only available through authorised brokers. If you would like more information on the new Appetite Statement or Lendinvest products in general, call our expert team of advisers on 0345 345 6788 or email firstname.lastname@example.org.
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