Kent Reliance has made a number of changes to its product range.
The lender has realigned its ‘Standard’ and ‘Specialist’ buy-to-let under one proposition. As a result, brokers will now have access to the same range irrespective of whether their client is purchasing a single residential unit, multiple leaseholds under one freehold, an HMO, or purchasing via a limited company or Limited Liability Partnership.
Kent Reliance has also re-introduced five-year fixed rates into its core mortgage range in response to consumer demand. The five-year fixed range is available up to 90% LTV on the residential range; 85% on the residential interest-only and 85% on all buy-to-let products (80% on all buy-to-let large loan). The affordability assessment for five-year fixed rates will be at the mortgage pay rate.
In response to requests from broker partners for specific large loan products that target high net worth landlords with established portfolios, Kent Reliance has also launched a new large loan/large portfolio product range. This has been specifically designed for landlords wishing to borrow £1 million or more, or who have a current OneSavings Bank Group exposure of more than £2 million.
It is available up to 80% LTV and features two and three-year fixed rate and discount products from 3.79% and five-year fixed rates from 4.19%.
Adrian Moloney, sales director of OneSavings Bank, said: “Kent Reliance is committed to offering a range of options based on our broker partners’ needs. We have reduced rates across the range whilst maintaining our 85% LTV in our standard and specialist mortgages. We have also reduced our minimum loan to help our broker partners give their customers the most competitive product options available.
“These loans will continue to be reinforced by our flexible underwriting and assessed on a case by case basis as this approach has resonated well with our intermediary partners.”
Ying Tan, managing director of The Buy to Let Business, added: “It’s encouraging and reassuring when lenders listen and react to what the intermediary market is saying. Kent Reliance has certainly done this with their new exciting range. Five-year fix products are becoming more popular with landlords as they look to give certainty to their repayments in a market which is constantly moving, the fact rental coverage is at payrate makes it attractive particularly for lower yielding properties in London and the South East.
“Bringing standard and specialist under one umbrella also simplifies their proposition which is important with increased complexity in our market and will separate Kent Reliance from their competition.”
