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Kent Reliance to accept a year’s self-employed accounts

Kent Reliance has ignited hopes of a return to competition in the self-employed sector after launching a mortgage for self-employed applicants with just one year’s accounts

The product is available only through BrightStar Financial and can be taken as interest-only or cap­ital and interest repayment.

The two-year discounted deal is available at 5.99% up to 80% LTV, and at 5.49% up to 75% LTV, both with a fee of 2%.

David Hollingworth, mortgage specialist at London & Country, says most lenders will ask for at least two years’ accounts for self-employed applicants and the few offering one year would want a 25% deposit.

He says: “The criteria looks good and while that has been factored into the price, this product defi­nitely has a place in the market.

“There is a growing band of len­ders looking to do something a bit different and cater to markets that are under-served by the high street, of which the self-employed market is one.”

David Sheppard, managing direc­tor of Perception Finance, adds: “This is a welcome addition to a market that has been neglected in recent years. It sends out a message that this type of client is not to be shied away from and may cause other specialist lenders to rethink their self-employed offering.”

Rob Jupp, managing director of BrightStar, says: “At a time when entrepreneurs are prevented from buying a home due to strict self-employed criteria, mutuals like Kent Reliance are showing maturity and leadership, and we are delighted to be leading this fantastic project for them.”


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  • Tom Cleary 8th March 2012 at 5:10 pm

    With respect Sean, if you rely purely on any sourcing system to place a mortgage, you really aren’t going to get the results you want. Seriously, the best mortgage brain is the one in your head. And it is the only one you can trust…

  • Sean Smith 8th March 2012 at 4:44 pm

    Anonymous @ 2pm

    try and find info of this on a sourcing system and get back to me!

  • Tom Cleary 8th March 2012 at 2:00 pm

    Sean, with the amount of available mortgages currently around 10% of what was available in 2007, if mortgage brokers don’t know the market inside out, they should do something else for a living. If a broker doesn’t research the market fully on behalf of their clients, what it the point in them?

  • Sean Smith 8th March 2012 at 10:06 am

    Spot on Aaron, well done to Kent & Brightstar.

    Even though are other lenders out there with a similar proposition having an alternative is great in this challenging market, as we all know each lender has there own quirks / criteria. There are plenty of brokers who aren’t or weren’t aware these deals exist!

  • Dick 7th March 2012 at 8:49 pm

    I totally agree with you Aaron, the more competition the better, but the article makes out as if they Kent are the only lender doing 12 months account…..

  • Aaron Griggs 7th March 2012 at 1:01 pm

    Why is it that some people cant just see the good in something and have to try and make a point of knowing better??

    Its a new good product and that can only be a good thing.

    The more lenders us brokers have to offer our clients the better.

  • Rob Jupp - Brightstar Financial 7th March 2012 at 12:00 pm

    A few points:

    1. Its available up to 80% LTV
    2. Available Interest Only
    3. No Early Repayment penalties at all.

  • john cena 7th March 2012 at 11:07 am

    They have indeed Dick. Halifax and Leeds can also consider. Theres quite a few other smaller lenders taht do it also.

  • Dick 6th March 2012 at 8:15 pm

    Have Principality not been doing 1 years accounts at 75% LTV?

  • Aaron Griggs 6th March 2012 at 1:21 pm

    Great product !!! and I agree with Rob 100% its a very good step in the right direction.

  • Rob Jupp - Brightstar Financial 6th March 2012 at 10:34 am

    Thanks for all the comments so far. Yes, the lender requires a years projections as well from a qualified accountant. The use of 6 months business and 6 months personal bank statements ensures that money is being lent to the right people in a responsible way.

    Clearly, like any mortgage scheme, some people that apply will be ‘knocked back’ as they won’t be deeemed as suitable but I can tell you that this lender has a refreshingly realistic view of lending and loans will be done as a result of this scheme that simply wouldn’t have been done without it.

    Its not perfect but I hope you agree, a really positive step in the right direction.

  • City Boy 6th March 2012 at 9:36 am

    Very brave indeeed. If they are willing to take a punt on 12 months accounts. I am guessing it is not going to be as straight forward as this and they maybe asking for accountant projections for the following year.

  • Grey Haired Underwriter 5th March 2012 at 3:03 pm

    An interesting move albeit that most sets of accounts have comparables from the previous year so that KR have probably got two years figures.

    Having seen the manipulations that take place with some sets of accounts I am bound to say that this is a brave, if not slightly foolhardy, move. I have little doubt that this criteria will be good for some deserving cases but may well attract some of the less scrupulous persons in the mortgage market.

  • Scott Andrews 5th March 2012 at 11:58 am

    This is exactly what the market needs – innovation and ‘thinking outside the box’ making sensible lending decisions to decent clients. Well done Brightstar and Kent Reliance.

  • Paul Eggleton 5th March 2012 at 11:01 am

    What a great new product for the market. It is exactly what so many of us have asking and waiting for. Well done Brightar and Kent!

  • Andy South 5th March 2012 at 10:09 am

    Well done Kent Reliance. Just seen that the product is also ERP free from outset which is fantastic.

    After all that has happened with Abbey/Halifax over the past 2 weeks this is much needed good news for us intermediaries.