Kent Reliance has made important changes to its mortgage criteria including reducing minimum loan sizes, extending mortgage offer validity and increasing valuation periods for new build.
Minimum loan sizes across its mortgage product range (with the exception of expat and specialist buy-to-let) are reducing from £70,000 to £50,000, up to 75% LTV.
For new build properties, including shared ownership, it is extending its mortgage offer validity period from three to six months and increasing its mortgage offer valuation period from six months to seven.
Adrian Moloney (pictured), sales director at OneSavings Bank, Kent Reliance’s parent, said: “Following broker feedback we’ve been refining our new build proposition, particularly for shared ownership to reflect current market requirements.
“The criteria changes, especially the minimum loan changes, reflect our continued commitment to extending our distribution, particularly in the North of England, where we have been steadily building our BDM support network to ensure that we can offer the same high levels of expertise and support for specialist brokers throughout the UK.”