Lloyds ups its bet on LendInvest’s homeowner mortgages to £300m
The high steet bank previously committed £180m to the property finance lender.
LendInvest has secured a larger £300m warehouse funding line from high street bank Lloyds, as the lender prepares to take its homeowner mortgages out of “beta”.
Since December LendInvest has been offering its homeowner mortgages for borrowers with multiple sources of income via a select group of mortgage brokers, but now aims to “launch more widely in 2023” with the support of its fresh funding.
"There are a significant number of people in the UK with complex income streams—from barristers to actors to NHS contract workers—who find it harder to get a mortgage because of multiple income sources or less regular pay cheques,” said LendInvest CEO Rod Lockhart.
“Our offering is tailored to their needs, providing access to the finance they require to buy the home of their dreams, and without all the stress and hassle.”
The groundwork for LendInvest’s entry into the homeowner mortgage market has been developing since as far back as 2017, when the lender first launched buy-to-let mortgages and later secured funding lines to move into home loans and bridging for homeowners.
"The complexity of this part of the UK mortgage market makes it ripe for disruption by our purpose-built technology and is a natural evolution for us following our launch into buy-to-let mortgages in 2017,” added Lockhart.
While LendInvest’s shares are thinly traded, their stock has risen around 6 per cent this week since the larger Lloyds funding was announced.