Kent Reliance, award winning mortgage lender and part of specialist lending group OneSavings Bank, today announced the launch of its market leading income backed BTL product which allows a complete view of customer affordability through earned income/assets to supplement interest coverage ratio (ICR) and is the first of its type to be provided by a specialist mortgage lender.
Traditionally, BTL affordability assessments are based solely on the derived rental income, however high property values, particularly within London and the South East mean that yields are commonly lower than the rest of the country and as a result they may be refused lending under traditional affordability assessments.
Kent Reliance has developed this product in particular to meet the needs of borrowers with the following characteristics:
- High earning individuals with low residential leverage
- High yielding BTL portfolios with low leverage
- High net worth individuals (annual net income of no less than £300,000 or net assets of no less than £3,000,000)
Adrian Moloney, Sales Director, OneSavings Bank said: “As a leading and innovative specialist mortgage lender, we need to ensure that brokers have every opportunity to meet the changing needs of their customers and this holistic approach provides them with the additional flexibility to allow a full underwrite of the applicants income, outgoings and wealth to ensure there is an affordability assessment for the individual circumstances of the borrower. To work alongside this product, we’ve also developed a key assessment calculator that can be accessed by brokers and used to understand if a case fits criteria at a high level prior to submission thereby simplifying the process and enabling faster turnaround.”
For further product information please refer to (refer to shortened URL for assessment calculator)