Its rates now start from 4.99%.
LendInvest’s Premier range is for aspiring homeowners with near-perfect credit who are either self-employed or have complex incomes. To be eligible, borrowers must have no credit arrears in the last 24 months and no defaults in at least four years.
Borrowing is available up to 90% loan to value (LTV).
Its Advantage range is tailored to borrowers with some minor credit blips and will allow for recent unsecured arrears and defaults from 24 months or more ago.
The rate reduction comes after research conducted by LendInvest and Opinium found that a fifth of potential homebuyers had missed a credit card or utility payment in the last 12 months.
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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.”
