Kent Reliance is offering new residential prime and near prime products, with rates starting from 3.19% and a maximum 90% LTV available.

Main criteria changes include the removal of minimum income from contractor mortgages as well as the removal of the professional requirement for one-year self-employed applicants, whether the customer is applying for a prime or near prime product. These changes mean its underwriters will now assess residential cases against new, wider criteria, allowing Kent Reliance to consider a broader range of complex residential cases.

New prime range includes:

• Rates from 3.19%
• 90% LTV available – including for first time buyers
• Maximum age 85 at end of term
• Fee assisted available
• Interest-only asset-backed for loans over £500,000
• One-year self-employment accepted
• Contractors accepted
• Loans available from £100,000 to £3,000,000

New near prime range includes:

• Rates 3.19%
• 90% LTV available – including for first time buyers
• Maximum Age 85 at end of term
• Three distinct near prime ranges available
• No value limits on CCJs, arrears or defaults
• Debt Management Plans accepted where satisfactorily conducted
• One-year self-employment accepted
• Contractors accepted
• Communications, mail order and utilities areas ignored if under £500
• Loans available from £100,000 to £500,000

Adrian Moloney (pictured), sales director at OneSavings Bank, said: “Kent Reliance is open for residential business. Having been synonymous with specialist buy to let lending, and rightly so, for some time, we’re bringing the same skill set and specialist underwriting expertise to the residential market. The new residential prime and near prime ranges, featuring 90% LTV and wider criteria, signals our clear ambition to be a competitive player in this market.

“We are taking this move very seriously so I’m delighted that our key intermediary partners are fully behind this move, especially with support for our near prime range by our selected packager partners.  Not only does this open access for the whole market, but they will also be able to provide great levels of service.”