LendInvest enters residential mortgage market
Property lender LendInvest has partnered with Legal and General to offer residential mortgages for the first time.
The former peer-to-peer lending platform already offered buy-to-let and bridging mortgage products via Legal and General. The residential mortgages are now available to all Legal and General Mortgage Club, and the company hopes to roll them out nationally in due course.
“Today, a new milestone has been achieved,” said Esther Morley, managing director for residential homeowners at LendInvest.
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“We are enhancing our partnership with Legal and General, one of the largest and longest-running mortgage clubs in the UK. Taking another step towards strengthening our suite of products to cater the diverse needs of borrowers.”
Earlier this year, LendInvest published a report on the homeowner mortgage experience, which found that almost half (48 per cent) of all homeowners had been negatively impacted by the mortgage application process.
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More than a third (35 per cent) said that there were not enough mortgage products to suit their situation, while 28 per cent of self-employed people said that they have been turned down for a mortgage in the past.
In response to this feedback, LendInvest opted to create a residential mortgage product which can serve borrowers with multiple sources of income or self-employed people and small business owners.
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