Lendinvest’s latest announcement can be viewed here. Remember, their BTL product set is available via our Direct to Lender Mortgage Club as well as through our fees free packaging service. We also offer their Bridging range too. Full details are available here. Contact our team to discuss any cases or criteria in detail across their full range.
Announcement
LendInvest BTL Loans: LIBOR replacement rate on 8 March
We wanted to let you know that from 8 March 2021 we are changing the reference rate we use to set the reversion interest rate on our active Buy-to-Let products.
Lenders are required to change to alternative interest rates as LIBOR is widely expected to cease to be published at the end of this year. We have chosen to move to the Bank of England Base Rate.
Here’s some brief information about the changes:
– What loans will be affected by this?
This change will affect any new Buy-to-Let loans we offer from 8 March 2021.
– Will this affect how my new BTL business works?
No. Buy-to-Let business will be processed in the same way with reversion rates the only area changed.
– What will happen to LIBOR linked loans offered before 8 March which have not completed yet?
These cases will continue through the pipeline as normal and will complete with a LIBOR-linked reversion rate. We will be in contact with these customers about the transition of their loan to a BBR linked reversion rate at a later date this year.
Where an offer expires or the case otherwise needs to be reoffered, the new offer will have a BBR-linked reversion rate.