Specialist lender OneSavings Bank (OSB) has launched a new buy-to-let (BTL) product range across its three lending brands, Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial.
This follows the news that physical valuations can now take place in England, and represents the initial phase of a structured rollout plan designed to support intermediary partners as valuers and estate agents return to the market.
OSB has increased the loan-to-value ratio (LTV) to 75% across its buy-to-let ranges, available through its three lending brands.
These rates apply to products including houses of multiple occupancy (HMOs) of up to six beds and multi-unit freehold blocks (MUFBs) for remortgages and for limited companies.
75% LTV is also available on residential lending.
Precise Mortgages has resumed help-to-buy lending.
For those brokers with existing pipeline applications, their cases will continue to be honoured, provided that the application has progressed to the valuation stage, fits the new criteria, and that fees have already been paid.
Alan Cleary (pictured), managing director at OneSavings Bank, said: “Whilst it’s been an odd and unsettling time, I’ve been especially proud of the efforts that the OneSavings Bank team has made to ensure a level of business continuity for our intermediary partners during the lockdown period.
“Being agile enough to come out so quickly with a new 75% LTV offering is a great testimony to their dedication.
“A return to physical valuations is obviously a really positive step for the market and we know from our regular conversations with brokers that it was absolutely vital we were up and running as soon as these were possible.
“We’ve made great efforts to be transparent with our brokers, with regards to our lending appetite, to manage their expectations and also demonstrate that we can move quickly in response to the changing market.
“It’s more important than ever for us to work closely with our brokers to help them guide customers through the new complexities that COVID-19 has brought to the market whilst continuing to innovate and offer lending solutions that work for them.
“But I emphasise that this is only the start of the journey and if the UK’s recovery continues on this trajectory then we intend to move forward at pace.”