LendInvest has joined Legal & General Mortgage Club’s lender panel to extend the distribution of its buy-to-let (BTL) range to more brokers.
L&G Mortgage Club, which is involved in around 30% of the intermediary mortgage market, revealed its member firms will now be able to register with LendInvest and access its full range of BTL and HMO mortgage products.
LendInvest’s two-year fixed rates currently start from 2.89%, and five-year fixed rates from 3.19%, and the firm said its ICR assessment rate is 5% across all products, except for the five-year fixed interest product which remains at 3.6%.
The partnership, which LendInvest suggested will support its ambition to ‘ramp up’ the distribution of its BTL product on a national level, comes after the firm increased its maximum loan size for both large HMOs and MUFBs to £3m in January. LendInvest also introduced a large loan range for standard properties and small HMOs – with products available for up to £2m at a maximum of 70% LTV.
LendInvest sales director, Ian Boden, commented: “We are very excited to be announcing this partnership with one of the largest, and longest-operating mortgage clubs in the market. Experience is crucial in our industry, and it’s something Legal & General aren’t short of.
“After a great year for the product, the team are now all systems go in getting more, good quality deals through the door. Working with a mortgage club with Legal & General’s expertise is a fantastic way to kick off our distribution plans for the year.”
L&G Mortgage Club head of lender relationships, Danny Belton, added: “Although LendInvest are a relative newcomer to the BTL market, their products and criteria offer another great option for many landlords. I am delighted to add LendInvest to the L&G Mortgage Club lender panel so that we can work in partnership to provide our members with access to their proposition.”
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