Kent Reliance has announced key changes to its core residential and buy-to-let mortgage ranges.
Residential changes include:
- Near Prime maximum loan limit increased from £500,000 to £1m for all ranges – loans over £500,000 will be subject to maximum LTV of 80%
- Interest-only asset-backed loans, now available for property values of £500,000 and a minimum loan of £50,000
- Price reductions on all shared ownership two-year fixed products and new five-year fixed products
- Increasing LTV thresholds from 65% to 70% on Near Prime 2 and Near Prime 3 products
- Targeted price reductions across its Prime product range
Buy-to-let changes include:
- Large loans now available from £750,000, was previously £1m
- Reduction in minimum loan size to £50,000 for specialist buy-to-let, including limited companies and houses in multiple occupation (HMO) – please note multiple units on a single freehold will still have a £75,000 minimum loan
- Removal of three-year fixed rate products
Adrian Moloney (pictured), sales director at OneSavings Bank, Kent Reliance’s parent, added: “As the leading specialist lender, we’re constantly adapting and fine tuning our mortgage proposition to ensure it remains relevant and reflects the needs of our broking partners.
“These product changes, especially the large loan reduction to £750,000 and the reduction in minimum loan size to £50,000, shows that we have the appetite and ability to offer varied complex solutions for specialist brokers throughout the UK and not just the south east.”