Kent Reliance, part of specialist mortgage provider and retail savings group OneSavings Bank plc, today announces key changes to its core residential and buy to let mortgage ranges.
Residential changes include:
- Near Prime maximum loan limit increased from £500k to £1m for all ranges – loans over £500k will be subject to maximum LTV of 80%
- Interest-only asset-backed loans, now available for property values of £500k and a minimum loan of £50,000
- Price reductions on all shared ownership 2-year fixed products and new 5-year fixed products
- Increasing LTV thresholds from 65% to 70% on Near Prime 2 and Near Prime 3 products
- Targeted price reductions across its Prime product range
Buy to let changes include:
- Large loans now available from £750k, was previously £1m
- Reduction in minimum loan size to £50k for specialist buy to let, including limited loans and houses in multiple occupation (HMO) – please note multiple units on a single freehold will still have a £75k minimum loan
- Removal of 3-year fixed rate products
Adrian Moloney, Sales Director, OneSavings Bank, says, “As the leading specialist lender, we’re 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 £750k and the reduction in minimum loan size to £50k, 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.”