UK-based marketplace lending platform LendInvest announced last week it has formed a new partnership with mortgage technology expert, Mortgage Brain, to bring its Buy-to-Let product to a wider audience of intermediaries as it seeks to continue to expand its distribution panel.
According to LendInvest, Mortgage Brain’s first and second charge online and desktop sourcing systems – MortgageBrain Anywhere and MortgageBrain Classic, which enables brokers to source and access the best deals for their clients from the whole of the market. Its software systems also streamline the sourcing process, allowing lenders to deliver finance to those who need it at speed.
LendInvest then reported that this partnership follows recent changes to LendInvest’s Buy-to-Let product in which it dropped its headline 5 year fixed rate to 3.60% with the ICR being assessed at the product pay rate, of 3.60%. The lender also reduced its product fees to 1% for all standard property and HMO mortgages. By partnering with Mortgage Brain, LendInvest will be able to roll out its Buy-to-Let product to the Mortgage Brain’s customer base of over 22,000 intermediaries. Speaking about the partnership, Mark Lofthouse, CEO at Mortgage Brain, stated:
“We’re delighted to have completed this partnership with LendInvest. By making its BTL product available our customers now have an even greater choice and the added certainty of being able to offer a first-class mortgage advice service that meets the individual needs of their clients.”
Ian Boden, Sales Director at LendInvest, added:
“Partnering with a market leader in optimising the loan sourcing process like Mortgage Brain, marries directly with our goals as a lender. Internally, our team work continuously to alleviate pain-points in the application process, and we strongly believe this should start at the point of search. As we ramp up the distribution of our BTL product one year on, Mortgage Brain’s extensive and diverse member-base will be a true asset.”