Kent Reliance has overhauled its mortgage range.
It has launched new five-year fixed rate products, new residential interest only deals, and also reduced rates and fees across its range.
The new five year fixed rate range features products up to 85% LTV and its most significant feature is a rental cover requirement of 110% calculated at the pay rate.
John Eastgate, sales and marketing director at OneSavings Bank Plc, said: “Kent Reliance has again shown that it is a specialist in the field of buy-to-let. The five year fixed rate products have leveraged the expertise in the Group’s Real Estate team and are designed to appeal to professional investors financing high quality assets. They recognise that there are areas of the country where yields on high quality buy-to-let properties do not support the standard 125% @ 5% cover requirement.
“Rather than just relaxing credit risk criteria, we have researched the market and responded by meeting the needs of landlords holding these properties. No other lender has demonstrated the expertise to do this and come up with such an innovative product design.”
Kent Reliance has also launched new residential interest only products with up to 85% LTV and available as fixed or discounted variable rate with a minimum property value of £500,000. The new interest only range is designed for borrowers who have sufficient background assets, such as equity in other property, or investments, that can be used to repay the capital in the future.
Eastgate said: “There has been a certain degree of nervousness in the market concerning interest only lending since MMR came into force last year. Our research and broker feedback highlighted that asset rich customers have been underserved by the market. This product is carefully targeted at a specific borrower audience and represents a great addition to our range.
“It’s been a good start to the year but not wishing to standstill we have taken the opportunity to review our existing portfolio and revised rates across the range to give our intermediary partners even more reasons to recommend Kent Reliance to their clients.”