LendInvest has joined Legal & General Mortgage Club’s lender panel to extend distribution of its buy-to-let product to more brokers.
The club’s member firms will now be able to register with LendInvest and access its full range of buy-to-let and HMO mortgage products.
Legal & General Mortgage Club is involved in around 30% of the intermediary mortgage market.
LendInvest’s 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 five-year fixed interest product which remains at 3.6%.
In January, LendInvest increased the maximum loan size for both large HMOs and MUFBs to £3,000,000, and introduced a large loan range for standard properties and small HMOs, with products available for up to £2m at a maximum of 70% LTV.
This partnership supports the lender’s ambition to ramp up the distribution of its buy-to-let product on a national level.
Ian Boden (pictured), sales director at LendInvest, said: “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, added: “Although LendInvest are a relative newcomer to the buy-to-let 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.”