Kent Reliance, part of specialist lending and retail savings group OneSavings Bank, is today announcing the launch of its new residential Prime and Near Prime proposition featuring rates starting from 3.19% and a maximum 90% LTV available.
As well as a new competitively priced Prime residential range – which includes asset-backed, interest-only loans, Kent Reliance will also utilise its specialist underwriting approach for three new Near Prime ranges.
Key criteria changes include the removal of minimum income from contractor mortgages as well as the removal of the professional requirement for 1 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 First Time Buyers
- Maximum age 85 at end of term
- Fee Assisted Available
- Interest-only asset-backed for loans over £500,000
- 1-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 First Time Buyers
- Maximum Age 85 at end of term
- 3 distinct Near Prime ranges available
- No value limits on CCJ’s, arrears or defaults
- Debt Management Plans accepted where satisfactorily conducted
- 1-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, 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.”
Rob Jupp, Brightstar, commented: “We’ve been working with the product team at OneSavings Bank for many months on this launch and I feel really proud that Brightstar can once again be involved with a market leading product. Although the Near Prime market has a growing number of lenders and therefore products, this launch balances very competitive rates with sensible and pragmatic underwriting from Kent Reliance, who remain one of the most experienced teams in the entire UK specialist lending market. I feel certain that this will be a best seller.”
Doug Hall, 3mc, said: “We have partnered with the OneSavings Bank group for a number of years and look forward to supporting them with their new residential initiatives. The Near Prime range is keenly priced and has some fabulous criteria including a 90% loan to value option with minor adverse.”
*New Near Prime ranges available through selected partners only