Kent Reliance has extended its ‘day one’ remortgage option, which will now be offered to all intermediaries, on both residential and buy-to-let loans.
Previously, Kent Reliance – part of OneSavings Bank – would only allow borrowers to remortgage with them if they had owned the property for a minimum of six months.
This change will primarily benefit customers who have had to buy a property within a limited timescale, or via short-term lending, such as through an auction.
The option to remortgage immediately may give them a greater choice of lending options.
OneSavings Bank sales director Adrian Maloney says: “By introducing this option those cash buyers previously unable to access a mortgage will now be able to do so, freeing up capital to make necessary changes or renovations, or to invest their money elsewhere.”