LendInvest, a UK-based online marketplace for mortgages, announced on Thursday Legal & General Mortgage Club’s lender panel to extend distribution of its Buy-to-Let product to more brokers. According to LendInvest, The club’s member firms are now able to register with the online lender’s platform and access its full range of Buy-to-Let and HMO mortgage products. Speaking about the collaboration, Ian Boden, Sales Director at LendInvest, stated:
“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.”
Danny Belton, Head of Lender Relationships for L&G Mortgage Club further commented:
“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 Legal & General Mortgage Club lender panel so that we can work in partnership to provide our members with access to their proposition.”
LendInvest then reported its two-year fixed rates currently start from 2.89%, and five-year fixed rates from 3.19%. ICR assessment rate is 5% across all products, with the exception of the 5 year fixed interest product which remains at 3.6%. The company then added that in January, it increased the maximum loan size for both large HMO’s and MUFB’s to £3 million and introduced a large loan range for standard properties and small HMO’s, with products available for up to £2 million at a maximum of 70% LTV.