LendInvest Mortgages has announced a reduction of up to 0.15% across its Premier and Advantage residential mortgage tiers, with rates now starting from 4.99%.
The move follows the lender’s overhaul of its credit criteria earlier this year, which expanded access for borrowers with certain types of adverse credit, including County Court Judgements (CCJs) and defaults, across all four of its lending tiers.
LendInvest’s decision comes as new research with Opinium revealed that one in five (20%) potential homebuyers missed a payment on a credit card or utility bill in the past year.
The same survey of 1,000 adults found that one-third (33%) feel less likely to become homeowners due to the cost-of-living crisis, while 35% said they’ve felt discouraged from applying for a mortgage with high street banks because of their income or employment status.
Paula Mercer (pictured), sales director at LendInvest, said: “We’re pleased to introduce this 15bps rate cut for borrowers in our Premier and Advantage tiers.
“In an economic climate where affordability is top priority, this reduction will 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.
“Our credit tiers are designed for homebuyers often denied by traditional lenders, and these findings show just how many future homeowners specialist lenders like us can help.”
