London FinTech LendInvest is to launch into the £1.2 trillion UK homeowner mortgages market after Lloyds Bank increased its backing to £300 million.
Listed on London’s AIM market, LendInvest is a technology-driven asset manager for UK property finance which aims to simplify the mortgage experience. LendInvest has increased its total Funds under Management to more than £3.6 billion, up from £3.4bn last year.
LendInvest’s homeowner mortgage product, which beta launched in December 2022 with a select group of mortgage brokers, is due to launch more widely in 2023.
The offering is aimed at borrowers with multiple sources of income, the self-employed and small-business owners.
Late last year the FinTech struck a new £180m lending partnership with Lloyds and substantially increased an existing deal with JP Morgan to £1 billion.
“We are delighted to receive this increase in the warehouse funding line from Lloyds now totalling £300 million as we take our first step into the homeowner mortgage market,” said CEO Rod Lockhart.
“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. 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 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.”