LendInvest Mortgages, the UK’s platform for mortgages, has delivered a mortgage offer in just four days “for a Key Worker looking to purchase their first home.”
The borrower, a nurse, was “seeking finance for a residential property in Tilbury, for her first home.”
As noted in the update from LendInvest (LSE:LINV), the loan size w”as £141,000 based on an LTV of 85.60% on a LendInvest Key Worker Homeowner mortgage.”
A dedicated underwriter worked “alongside the broker, and the case was offered quickly following the valuation fee being paid, using the customer’s mixed income from her main job as a nurse, as well as additional income from the nurse bank.”
The team were able to “take 100% of her combined income for affordability and still process the mortgage as a Tier 0, despite a complex credit history.”
Because of LendInvest’s technology “including its purpose-built portal, which automates previous manual checks, LendInvest Mortgages’ underwriters were able to work quickly and through the deal and deliver an offer in under four days after valuation was completed.”
Paula Mercer, Head of Sales at LendInvest, commented:
“This is a great advert for the speed at which our technology enables cases to move quickly. On paper, this applicant may struggle to get a mortgage on the high street, but by working closely with the broker, understanding the customer and our criteria that supports us to be flexible around income and past arrears, we were able to get her the mortgage she wanted. Getting the case offered in four days was great for us, and would be impossible without the speed with which the portal enables our underwriters to progress cases.”
As covered last month, LendInvest, which claims to be the UK’s leading platform for mortgages, has made key reductions to its Residential Mortgage range as it continues “to improve its offering for key workers, the self-employed and those with complex income streams and credit histories.”
The lender’s Residential Mortgage product now “offers rates starting from 6.44%, with reductions across both the 2-year and 5-year fixed ranges.”
LendInvest has reportedly “reintroduced its 90% LTV for 5-year fixed mortgages, to support more customers with long term stability.”
Brokers are now able to download PDF versions of “every application, past present and future via the LendInvest portal, for documentation purposes.”
The lender’s proprietary technology platform, “which makes even the most complex of cases simpler and faster, improves the overall mortgage experience for homeowners.”