Kent Reliance is now allowing borrowers to remortgage a property from day one via intermediaries for residential and buy-to-let loans.
Previously customers who had bought a property with their own funds or through another lender, would have needed to wait until they had owned their property for six months before they were able to remortgage with the bank.
Kent Reliance, which is part of specialist mortgage provider and retail savings group OneSavings Bank plc, hopes the move will benefit customers who had to buy a property within a limited timescale or via short term lending, such as through an auction.
Adrian Moloney, sales director at OneSavings Bank, said: “We are constantly looking at ways to strengthen our mortgage product offering in a way that provides our brokers and their clients with the best possible choice, by introducing this option, those cash buyers previously unable to access a mortgage will now be able to do so easily and quickly, freeing up capital to make necessary changes or renovations – or invest their money elsewhere.”
Carl Shave, director of Just Mortgage Brokers, said the decision to consider day one remortgages is a sign of Kent Reliance understanding the needs of their potential clients.
"Whilst the principle of the 6-month ownership is a valid one, with the correct approach and underwriting it can prove to be a valuable tool for those with a genuine requirement for this facility.”
