The lender has also reduced initial pay rates across its tracker range, a move it said would improve affordability and interest coverage ratio (ICR) calculations for intermediary cases. Early repayment charges have been removed from all of the lender’s tracker products, allowing borrowers to refinance, repay their mortgage or move away from the product during the initial term without an exit penalty. The change could also give landlords using tracker mortgages greater flexibility to switch to a fixed rate at a later date. LendInvest has raised the maximum LTV from 70% to 75% for holiday lets, small multi-unit freehold blocks (MUFBs) and large houses in multiple occupation (HMOs).
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