Precise Mortgages and Kent Reliance have returned to lending with 60% loan-to-value products for first-charge residential and buy-to-let.
Precise is offering a 3.14% 2-year fixed rate and 3.69% 5-year fix for residential borrowers. Maximum property value is £600,000 whilst the maximum loan size £360,000.
On the buy-to-let front Precise is offering a 2.99% 2-year fix and a 3.49% 5-year. Maximum loan size and property value are in line with its resi range.
On resi Kent Reliance will be offering a 2-year fix at 3.39% and a 3.79% 5-year fix. For buy-to-let there is a 3.24% 2-year and 3.59% for a 5-year fix.
The lenders have been able to launch the products after working extensively with their panel parters so as to be able to find a desktop valuation solution.
A spokesperson for OneSavings Bank, parent company of both Precise and Kent Reliance, said: “The OneSavings Bank Group (OSB) has today resumed new business lending with a new, select range of residential and buy to let products, available for purchases and remortgages.
“Supported by desktop valuations, the product range does not incur valuation or administration fees and can be accessed through its Kent Reliance for Intermediaries and Precise Mortgages trading brands.
“InterBay Commercial will continue to focus on processing pipeline buy-to-let applications that have a physical valuation in place and will not be accepting new business lending until further notice.
“Following the government restrictions, physical property valuations still remain unavailable. However, OSB has been working hard on solutions for its intermediary partners and their customers by working closely with our valuation panel partners to provide desktop valuations on the select new range of residential and buy to let first charge mortgages. Also, where possible, apply the desktop valuations to existing pipeline cases if the new criteria is met.
“Whilst desktop valuations place a limit on what applications can be considered and may increase processing time, these cases will have the benefit of being managed by our internal teams who are in close contact with all areas of the business.
“All intermediary partners should familiarise themselves with the new product details, which are available to view on the Kent Reliance for Intermediaries and Precise Mortgages websites, alongside all the latest updates and FAQs. The BDM teams are ready and available to answer any questions or give further clarification on new cases as required.”