Kent Reliance makes B2L comeback with range of deals through brokers

Kent Reliance Banking Services is the latest lender to re-enter the buy-to-let market.

The former Kent Reliance Building Society is offering products through Manor Mortgages, Complete FS and Mortgages for Business. Deals are only available via brokers.

They include a two-year discounted rate at 4.98% up to 75% LTV with a 1% arrangement fee. There is also the option of fixed and discounted deals.

Credit scoring will not be used to make lending decisions and the criteria will allow lending on new-builds, student lets, houses in multiple occupancy, first-time buyers and limited companies.

Skipton Building Society also launched a range of fixed rate buy-to-let deals last week. Its two-year fix at 3.99% is available up to 70% LTV with a £2,495 completion fee.

And Coventry Intermediaries launched a five-year fixed rate buy-to-let deal at 5.99% up to 75% LTV with no arrangement fee or early repayment charges. It also has a five-year fix at 5.49% available up to 75% LTV with an arrangement fee of £2,999.

Meanwhile, the latest Residential Lettings Survey from the Royal Institution of Chartered Surveyors showed some 42% of surveyors reported rising rents in the three months to April.

It says rents in some areas have risen so sharply that previously affordable homes are unattainable, as an increasing number of renters are priced out of the market.

James Scott-Lee, residential practitioner at RICS, says: “Many potential home owners are still restricted from getting a foot on the ladder, leading to higher demand in an oversubscribed rental market.”