LendInvest Mortgages has reduced rates by up to 15 basis points across its Premier and Advantage residential mortgage tiers, with the lowest products now starting from 4.99%.
The move, announced today, is aimed at improving affordability for homebuyers and remortgagers who fall into the lender’s higher-tier brackets.
In March, the lender overhauled its credit policy to widen access for borrowers with adverse credit, such as county court judgments and defaults, across all four of its residential tiers.
The rate cuts come as new research commissioned by LendInvest and conducted by Opinium suggests that financial strain continues to weigh on potential homeowners. One in five (20%) respondents reported missing a payment on a credit card or utility bill in the past year.
A third (33%) said the cost-of-living crisis has made them less likely to buy a home, while more than a third (35%) said they felt discouraged from applying for a mortgage by high street banks because of their employment type or income.
Paula Mercer (pictured), 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.”
