Kent Reliance has made a series of changes to its residential and buy-to-let
mortgage ranges, including an increase to loan-to-value thresholds.
The lender has increased the LTV thresholds from 65 per cent to 70 per cent
on the Near Prime two and Near Prime three products and made targeted price
reductions across the Prime range.
In addition, the Near Prime maximum loan limit has increased from £500,000
to £1m, with loans greater than £500,000 subject to a maximum 80 per cent LTV.
The lender has also announced price reductions on all shared ownership two-year fixed rate products and new five-year fixed rate products.
Kent Reliance has confirmed that interest-only asset-backed loans are now
available for property values of £500,000 and a minimum loan of £50,000.
Meanwhile, the lender has reduced the large loan amount on its buy-to-let
products from £1m to £750,000 and removed its entire range of three-year
fixed rate products.
It has also reduced the minimum loan size on its specialist buy-to-let
mortgages, including limited companies and houses in multiple occupation, to
£50,000.
Adrian Moloney, sales director of parent organisation OneSavings Bank, said: "We are constantly adapting and fine tuning our mortgage proposition to
ensure it remains relevant and reflects the needs of our broking partners.
"These product changes, especially the large loan reduction to £750,000 and the
reduction in minimum loan size to £50,000, shows that we have the appetite and
ability to offer varied complex solutions for specialist brokers throughout the
UK and not just the south east."
Daniel Bailey, principle at Middleton Finance, said: "Kent Reliance are a
specialist lender and offer some very good products with some niche lending
criteria.
"Innovation and adapting to market conditions is imperative in the
mortgage market.
"It is a positive move increasing the maximum loan for near prime products and also interest only products for properties worth £500,000 and above."
Jenny Turton is a freelance journalist
