LendInvest has announced a series of changes to its residential mortgage offering, cutting fixed rates on both 2- and 5-year products and unveiling a revamped credit framework aimed at supporting borrowers with less-than-perfect credit histories.

The London-listed fintech lender has reduced rates on its 2-year fixed term residential mortgages by 15 basis points, with its 5-year fixed range also seeing a cut of 10 basis points. The updated pricing is available immediately and applies across England, Wales and Scotland.

The move comes alongside a wholesale redesign of the lender’s credit criteria. Under the new structure, LendInvest has introduced four distinct tiers to cater to borrowers with varying degrees of adverse credit, including those with historic defaults, arrears or county court judgments.

Paula Mercer (pictured), director of sales at LendInvest, said: “LendInvest has always been committed to people wanting to purchase a new home, that’s why we’re happy to announce these rate changes to our 2-year and 5-year fixed term residential mortgage products.

“We also know that everyone’s situation is different, and ‘blips’ on their credit histories shouldn’t keep them from owning their own home. That’s why we’ve taken a look at our credit criteria, and have created four unique tiers, each allowing for lending to those with different levels of adverse credit histories including defaults, arrears and CCJs.

“By reducing our residential rates and our new approach to our credit criteria, LendInvest remains committed to supporting aspiring homebuyers that may not fit the traditional mould of ‘High Street’ lending.”