These include rate reductions throughout the range, aligning limited company pricing with that for individual borrowers, and a new large loan/portfolio range.
Included in the changes are:
• Alignment of ‘Standard’ and ‘Specialist’ Buy to Let under one competitive proposition
• Re-introduction of 5 year fixed products across residential and Buy to Let mortgage ranges, with loan amount calculated at pay rate
• New Large Loan Buy to let / Large Portfolio range
• Minimum loan reduced to £75,000 (from £100,000) across most products
• Price reductions throughout the range
A key part of the changes sees Kent Reliance revamping its core mortgage range by combining its ‘Standard’ and ‘Specialist’ Buy to Let range. 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 5 year fixed rates into its core mortgage range in response to consumer demand. The 5 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 5 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 £1million or more, or who have a current OneSavings Bank Group exposure of more than £2million. It is available up to 80% LTV and features 2 and 3 year fixed rate and discount products from 3.79% and 5 year fixed rates from 4.19%.
Adrian Moloney, Sales Director, 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.”
David Whittaker, Managing Director, Mortgages for Business commented: “In a period of Buy to let uncertainty it’s reassuring to see the resumption of a range of well-priced 5 year fixed rates from Kent Reliance that will allow landlords and investors to secure funding well beyond the tax changes and the inevitable tough adjustments to stress tests that will be seen across the market.”
Ying Tan, Managing Director, 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. 5 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.”
