Kent Reliance has made changes to its core residential and buy-to-let mortgage ranges.
For its residential range the a near prime maximum loan limit increased from £500,00 to £1m for all ranges. Loans over £500,000 will be subject to maximum LTV of 80%. Interest-only asset-backed loans are now available for property values of £500,000 and a minimum loan of £50,000.
Adrian Moloney, sales director, OneSavings Bank, said: “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 £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.”
There’s price reductions on all shared ownership 2-year fixed products and new 5-year fixed products.
LTV thresholds have from 65% to 70% on near prime 2 and near prime 3 products and there’s targeted price reductions across its prime product range.
For buy-to-let large loans are now available from £750,000, when it was previously £1m and Kent Reliance has removed the 3-year fixed rate product.
There’s been a reduction in minimum loan size to £50,000 for specialist buy-to-let, including limited companies and houses in multiple occupation (HMO). Multiple units on a single freehold will still have a £75,000 minimum loan.