LendInvest Mortgages

Mortgage Type

Residential

Property Value (min)

£150,000 - London (excludes rest of the UK)
£75,000 - UK (excludes London)

Advance (min)

£50,000

Advance (max)

£750,000 up to 90% LTV (Check product range) - Stretched LTIs up to 6.49x, which backs them to borrow enough for their first home
£1,000,000 up to 85% and 80% LTV.
£1,500,000 up to 75% LTV

LI0 - 4
LI Key Worker 0 - 2
LI Qualified Professional 0 - 1

Term (Max)

40 years

Minimum Age

21 years old

Maximum Age

The maximum age limit at the end of the term of the loan is 75 years old. The maximum age at the application stage for applicants looking to borrow beyond age 70 must not exceed 55 years of age.

Family Cash Gift Deposit

Yes, 10% of own funds required. Gifted deposits can only be accepted from an immediate relative, full details of whom must be disclosed.

Family Gift of Equity Deposit

Considered - check with lender in first instance.

Income (min)

Employed:
Last 3 months consecutive payslips (at the time of the application)
Last 8 weeks consecutive payslips if paid weekly (at the time of the application)
OR employers reference (if payslips are not available)
AND most recent P60
AND latest 3 month bank statements/ Open Banking showing salary

ZERO HOURS CONTRACT: -
P60 providing confirmation that the applicant has been employed by the same employer for at least 12 months
Last 6 months consecutive payslips (at the time of the application)
Latest 6 months bank statements showing salary

Self Employed: -
2 years company accounts (as provided by a qualified accountant) where available
OR 1 years company accounts where they have been filed in the last 9 months
OR if the applicant doesn’t maintain accounts, SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews
Accountant’s certificate (as provided by a qualified accountant)
OR if the applicant does not retain the services of an Accountant, or the Accountant’s qualification is not acceptable
SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews
Latest 3 months business bank statements
OR latest 3 months bank statements/ Open Banking showing salary.

Contractor: -
Last 3 months consecutive payslips (at the time of the application)
Last 8 weeks consecutive payslips if paid weekly (at the time of the application)
Current and previous contractual agreement
Latest 3 months bank statements/ Open Banking showing salary.

Lending into Retirement: -
Will be considered subject to additional due diligence

Other income: -
Will be considered if evidenced and sustainable in nature. E.g. Court mandated child maintenance.


LTI Ratio
Increased Income Multiple on all credit based products for higher earners (>£65k for single Applicants,
>£100k for Joint Applicants) based on affordability. Moving from traditional 4.49x to 4.99x

Key Worker Applicants considered for higher Income Multiple based on affordability. Moving from traditional
4.49x to 5.49x

Qualified Professional applicants considered for higher Income Multiple based on affordability. Moving from traditional 4.49x to 6.49x

Only one applicant needs to be a Key Worker or Qualified Professional to be eligible for these products

Income Evidence: -
Bonus/commission - Payslips (evidencing the period paid) and or P60

Non-regular bonus - Latest 12 payslips

Overtime - P60 and 3 months payslips

Profit from UK Property: -

1. 2 years company accounts (as provided by qualified accountant) where available OR 1 years company accounts where they have been filed in the last 9 months
OR if the applicant doesn’t maintain accounts, SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews

2. Accountant’s certificate (as provided by a qualified accountant) OR if the applicant does not retain the services of an Accountant, or the Accountant’s qualification is not acceptable SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews.
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Dividends on limited company - Refer to the self employed section.
Dividends must not exceed net profit. Any dividend that is distributed above the net profits will be excluded from the affordability assessment.
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Pension Income : - Latest 2 years annual pension statement
OR 12 months remittance advice slips, cross referenced to the latest bank statements.

Regular trust or investment income: -
Latest 2 years annual statement
OR latest 2 years portfolio statement and evidence of funds being transferred to the bank account.

Let to Buy (Turning Residential into Buy to Let)

No

Ex-Local Authority Properties

Ex-Local Authority/Ex-MOD flats and maisonettes considered.

Minimum years remaining on leasehold property

Leasehold flats, and maisonettes with not less than 65 years remaining on the lease after the term of mortgage. Leasehold houses with not less than 65 years remaining on the lease after the term of mortgage.

Minimum Ownership

6 months minimum required, unless: -

If the property has been purchased within the last 6 months and if works have been carried out to increase the value when remortgaged at a value above the purchase price please provide a TR1 and Schedule of works on submission of the application.

Permanent rights to reside and remain

Yes, required.

Must be a UK resident and have been resident in the UK for the last 3 years, or have a 3 year UK residential history and a permanent right to reside in the UK.

Ex-Patriates

No

New Builds

A property is considered a new build if the applicant is the first occupant of the property.

LendInvest will accept subject to being suitable security. LTV for new build properties is restricted to 75%.

Credit Score

No, soft search at DIP, Full search at application.

Historic CCJ’s & Defaults

Disregard communication and utility arrears up to £100

Resi 0
Registered Defaults: - 48 months+
Satisfied CCJs: - 48 months+

Resi 1
Registered Defaults: - 36 months +
Satisfied CCJs: - 36 months+

Resi 2
Registered Defaults: - 24 months +

Satisfied CCJs: - (0) 0 - 24 months
(1) 24 - 36 months
Max £2000

Resi 3
Registered Defaults: - (0) 0 - 12 months
(2) 12 - 24 months
Max £5000

Satisfied CCJs: - (0) 0 - 12 months
(2) 12 - 24 months
Max £2000

Resi 4
Registered Defaults: -
(0) 0 - 3 months
(2) 3 - 24 months
Max £5,000

Satisfied CCJs: - (0) 0 - 6 months
(2) 6 - 24 months
Max £2000

Unsatisfied CCJs: Subject to further consideration. Maximum product available LI Resi 2

Unsecured Credit Arrears: -
Resi 0
(0) 0 - 3 months
(2) 3 - 24 months

Resi 1
(0) 0 - 3 months
(2) 3 - 24 months

Resi 2
(0) 0 - 3 months
(2) 3 - 24 months

Resi 3
(0) 0 - 3 months
(2) 3 - 12 months

Resi 4
Underwriter Discretion

Valuation Fees

Paid directly to lender at the lender fee scales.

Maximum number of applicants

2

Countries

England, Wales and Isle of Wight

Access

Via Strategic Partners only as your packager, of which 3mc are one.

Missed mortgage payments

Resi 0 48 months+ Resi 1 36 months + Resi 2 (0) 0 - 24 months (1) 24 - 36 months Resi 3 (0) 0 - 12 months (2) 12 - 24 months Resi 4 (0) 0 - 6 months (3) 6 - 24 months

Shared Ownership

No

Right to Buy (RTB)

No

Debt Management Plan

Resi 0 + 1 - N/A

Resi 2
24 months +

Resi 3
12 months +

Resi 4 - Underwriter Discretion

Help To Buy (Shared Equity)

No

Ex-Bankrupts

Both Bankruptcy and IVA - considered on Resi 3 + 4 = 60 months + (5 years) since expiry.

IVAs

Both Bankruptcy and IVA - considered on Resi 3 + 4 = 60 months + (5 years) since expiry.

Repossessions

No

Payday Loans

Resi 2 - 12 months + Resi 3 - 12 months + Resi 4 - Underwriter Discretion

Repayment Types

Capital & Interest, Interest Only and Part and Part Repayment Interest Only, and the Interest Only element of Part & Part, is restricted to a maximum of 70% of the LTV. Where sale of the securing property is the primary repayment strategy, this maximum is reduced to 50% of the LTV.

Lenders completion fee

Can either pay upfront or add to loan subject to affordability.

Affordability

Credit Expenditure: Credit expenditure is categorised under committed expenditure and the following should be included within the affordability assessment. • Repayment on Fixed Term Loans and Hire Purchase - (Monthly Payment used) • Total Revolving Credit Balances (Credit Cards, Overdrafts, Flexible Credit) • Buy Now Pay Later - (Monthly payments to be used) Other Regular Commitments: All borrowers must pass an affordability assessment based on their verified income and expenditure and may include an interest rate stress test. Other regular expenditure commitments are categorised under committed expenditure and must be included in the affordability assessment, this would include but is not limited to, the following: • School Fees and Childcare • Maintenance and Child Support • Council Tax • Insurance (House, Car, Health) • Service Charge and Ground Rent • Private Pension Contributions • DMP’s • Other Regular Payments

Employment

12 months continuous employment required - if small break, please refer.

Zero hour contract - 12 months minimum also

Self Employed

2 years self employed required - 2 years companies accounts also required.

Please note: -

2 years company accounts (as provided by a qualified accountant) where available
OR 1 years company accounts where they have been filed in the last 9 months
OR if the applicant doesn’t maintain accounts, SA302’s (or equivalent tax calculation from HMRC self-service system) and tax year overviews