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1. Covid-19 Updates

What do these updates cover?

These Covid-19 updates cover our current service levels, the latest updates from our panel valuers and professional partners, and a summary of our mortgage support process with links to relevant forms. We keep these updates current and revise this page whenever there are material changes that could affect our service.

Last updated: 01/04/2021

How are your service levels?

Our whole business is working remotely and has been doing so since the first lockdown in March. Following a record summer for applications you may experience slower turn around times than usual, but our team will be transparent with you throughout the process about where your application is at. You can view our up-to-date Buy-to-Let service levels on our Buy-to-Let page. 

How have physical valuations changed?

Despite the ongoing Covid restrictions, our valuer panel are able to continue completing in-person physical valuations, subject to current Covid guidance.

Strict rules will apply regarding valuer inspections and pre-visit risk assessments, and will continue going forward. 

Although different valuers will have different procedures the core principles will be to respect the health and safety of both the valuer and the tenants or owners of the property being inspected. Here is an example from one valuer. 

On every occasion, we would request that you inform a member of our team if the property is vacant or occupied, and then we can make the appropriate arrangements with our valuation panel. It will be normal for the valuer to insist on strict social distancing protocols when visiting an occupied property, and if these protocols are not followed, or if access is not provided, the valuation will not be undertaken. Any abortive inspections will likely incur a cost, which could be as much as the whole fee, although we will confirm these provisions as they will vary from valuer to valuer.

We do understand that some customers won’t be comfortable letting a valuer into their property at this time, or whose health situation means this isn’t an option. Where this is the case, we’ll place the valuation on hold and you’ll need to notify us when your client is ready to proceed.

What products are you lending on?

We are lending and completing deals for all our unregulated bridging, Buy-to-Let and Development products. Visit our intermediaries and borrower landing pages for our current rates and offers. 

How else are you ensuring social distancing?

We have made arrangements with our panel of solicitors to ensure face-to-face interviews required for the provision of Independent Legal Advice can be carried out by video, if necessary.

All our documentary proofs of ID and residence checks can be completed electronically for Buy-to-Let cases.

Wet-ink signatures are still required for the deeds that need to be filed with the Land Registry. It is up to our customers and solicitor panel to ensure these meetings are completed in line with the most recent government guidelines.

Will Lendinvest provide support for Landlords who are experiencing financial difficulties during the Coronavirus pandemic?

We have no wish to see tenants lose their homes as a consequence of the COVID-19 pandemic, and we encourage every landlord who has a loan with LendInvest to act responsibly both toward their tenant(s) and towards their mortgage commitments.

Please note the deadline to apply for a Payment Deferral was 31st March 2021. If you are a landlord with a tenant(s) that are experiencing genuine difficulties making their rental payments as a result of COVID-19 and, as a result, you are in financial difficulty we will consider providing assistance appropriate to your circumstances. 

In order for us to review your request, you should complete the Application form, Income and Expenditure Form and Assets and Liabilities form and return them to the email address shown in the application form. 

Before completing the application form, it may be beneficial for you to understand the types of debt advice or money guidance that are available such as The FCA information page ‘Dealing with financial difficulties during the coronavirus pandemic’ and the MoneyHelper’s Navigator Tool.

Please note that if LendInvest agrees to provide assistance, any relief must be passed onto the tenant(s) as the initiative is in place to ensure that the tenant(s) home is not at risk. To ensure any arrangement is sustainable, we will review your individual circumstances, part of which will include understanding what other resources you may have and your ability to repay any agreed payment shortfalls.

It should be highlighted that any arrangements that include reduced payments will be reported on your credit file as an arrangement to pay. Each lender will have its own requirements for assessing credit worthiness and an arrangement between yourself and a lender may form part of their criteria such as when assessing information provided by credit reference agencies, borrowers or bank statements.

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