LendInvest Mortgages has announced rate reductions across a selection of residential mortgage products.
Buyers who qualify for the lender’s Premier and Advantage tier range of residential mortgages will benefit from reductions of up to 15 basis points, with the lowest rates starting at 4.99%.
In March this year, LendInvest reconfigured its credit criteria, allowing for various types of adverse credit, including CCJs and defaults, across all four tiers.
Recent research from the lender found that one in five (20%) of potential homebuyers missed a payment on a credit card or utility in the last 12 months.
The research of 1,000 UK adults looking to purchase or remortgage a home in the next five years also revealed that one-third (33%) say they are less likely to become a homeowner due to the cost-of-living crisis, and 35% say they have felt discouraged from applying for a mortgage by high street banks due to their employment status or income streams.
Paula Mercer, sales director at LendInvest, said: “We’re pleased to be able to introduce this 15bps cut to those borrowers who fall into our Premier and Advantage tiers. In an economic climate where affordability is top priority, this rate cut will be able to support those looking to buy or remortgage a home.
"At LendInvest, we know that life happens, and a less-than-perfect credit history shouldn’t be a barrier to a mortgage, and that’s why our credit tiers are designed for homebuyers often denied by the traditional mortgage lender.
"These particular data points should be a signpost to all mortgage brokers that there is a significant number of future homebuyers in the UK who specialist lenders like us could support “
