Paradigm / LendInvest partnership announcement
Paradigm Mortgage Services has today announced the addition of marketplace for property finance, LendInvest, to its lender panel.
From today, Paradigm’s member firms will be able to register with LendInvest and access its range of buy-to-let products available for properties located in England and Wales.
LendInvest’s buy-to-let range offers products on standard property types, as well as HMOs up to six rooms, HMOs between 7 and 15 rooms, and multi-unit freehold blocks.
It’s buy-to-let mortgage range has rates starting from 2.89%, with LTVs offered up to 80%. It also offers five-year rates from 3.19% with competitive ICR and stress rates – LendInvest’s standard ICR assessment is 5%, and on five-year fixed products it is 3.6%. The lender also uses market rent, not passing rent, as it says it is committed to offering borrowers access to the appropriate loan size that meets their needs.
LendInvest is currently offering £750 cashback to borrowers on legal fees for a number of their BTL products.
Paradigm advisers will be able to use the lender’s online Broker Portal which has time-saving technologies such as using electronic signatures for applications, direct debit mandates and offers. It uses Onfido for digital ID checks, takes proof of address from Equifax and Open Banking to speed up the underwriting process.
Alongside this, Paradigm member firms will have direct access to their underwriter throughout the client’s application.
John Coffield, head of Paradigm Mortgage Services, commented:
“The buy-to-let market has not just stabilised over the last six months, but the latest UK Finance lending figures for the sector show an improvement in activity throughout 2019. Landlords have come to terms with the changes inflicted upon them and are increasingly looking to add to portfolios, especially as demand within the private rental sector remains strong. That’s why it’s important for Paradigm to offer access to as wide a range of products and lenders as possible within this sector, and we’re very pleased to be announcing the addition of LendInvest to our panel. LendInvest is at the cutting-edge of the market in terms of the technology it is using and its commitment to the speed of passage of mortgage business, plus it has a highly-competitive product range which spans a wide range of property types. Paradigm members I’m sure will want to explore its product range and wider proposition, and we’re looking forward to working together to develop our relationship in the months and years ahead.”
Ian Boden, sales director at LendInvest, said:
“Partnering with a large, industry leading mortgage club such as Paradigm is another huge step forward in our plans for ramping up distribution of our Buy-to-Let product. Paradigms industry renowned expertise is a perfect compliment to the streamlined, technology driven service that our in-house team offer.”
