The product has rates of 3.19%, 90% LTV available, includingfirst-time buyers, a maximum age of 85 at end of term, loans available from £100,000 to £500,000 and no value limits on CCJ’s, arrears or defaults.
Kent Reliance, part of specialist lending and retail savings group OneSavings Bank, has extended access of its‘nearprime’ product range across its entire broker network following the results of its initial trial period.
The product has rates of 3.19%, 90% LTV available, includingfirst-time buyers, a maximum age of 85 at end of term, loans available from £100,000 to £500,000 and no value limits on CCJ’s, arrears or defaults.
Debt management plans are accepted where satisfactorily conducted, 1-year self-employment is accepted and contractors are accepted. Communications, mail order and utilities areas are ignored if under £500.
Adrian Moloney, sales director at OneSavings Bank, said:“The initial reaction from both intermediaries and their clients has been very positive; therefore it was a natural progression to open ournearprime range across our entire broker network.
“This range offers customers increased choice, particularly those with specialist needs who are currently underserved and not able to access credit from mainstream lenders.”
“The extended distribution reflects Kent Reliance’s continued commitment to the market to ensure our brokers receive the best possible service, supported in-house by our specialist manual underwriting team.”
Danny Belton, head of lender relationships, Legal & General Mortgage Club, said: “Specialist lending in the residential sector continues to grow as the number of customers that have poorer credit histories and CCJs that are explainable, or one-offs increases.
“There are still a number of good customers that require anearprime type of product and criteria, and the Kent Reliance proposition provides welcome opportunities and competition in this sector.
“I think the timing of this extension is ideal as Kent Reliance have built a strong reputation with Intermediaries in thebuy-to-letsector, and I am sure Intermediaries will embrace these new residential products.”
Martin Reynolds, chief executive SimplyBiz Mortgagesadded:“The wider launch of thenearprime range will be welcomed by the market.
“I feel that having the initial trial period to understand the demand and accept feedback on its design was a very sensible move.
“The criteria and pricing will both appeal to the intermediary market and the clients that they work with, allowing even more people either on to the property ladder or to remortgage where previously they have struggled.”
