Kent Reliance is rolling its standard and specialist buy-to-let ranges together.
The lender says this gives brokers and clients better access to its buy-to-let products.
The lender is also bringing in five-year fixed products for residential and buy-to-let.
The five-year range is available up to 90 per cent LTV for residential, 85 per cent for residential interest only and 85 per cent on all buy-to-let products except the buy-to-let large loan, which is 80 per cent.
Mortgages for Business managing director David Whittaker says: “In a period of buy-to-let uncertainty it’s reassuring to see the resumption of a range of well-priced five-year fixed rates from Kent Reliance that will allow landlords and investors to secure funding well beyond the tax changes and the inevitable tough adjustments to stress tests that will be seen across the market.”
Kent Reliance says the large loan is being introduced because of calls from brokers for mortgages to cover high new worth landlords with established portfolios.
The new buy-to-let large loan is designed for landlords wishing to borrow £1m or more, or who have a current OneSavings Bank Group exposure of more than £2m.
The changes take effect from 10 May.
The Buy to Let Business managing director Ying Tan says: “It’s encouraging and reassuring when lenders listen and react to what the intermediary market is saying. Kent Reliance has certainly done this with their new exciting range.
“Five-year fix products are becoming more popular with landlords as they look to give certainty to their repayments in a market which is constantly moving, the fact rental coverage is at payrate makes it attractive particularly for lower yielding properties in London and the South East.”
Kent Reliance is also withdrawing dozens of products and introducing dozens more.
On its ‘buy-to-let standard’ range, Kent Reliance is introducing 12 products between £75,000 and £1m with rates from 3.79 per cent and fees from 1.5 per cent.
Kent Reliance is pulling nine products from the same range, between £100,000 and £3m, with rates from 4.19 per cent to 5.29 per cent.
The lender’s ‘buy-to-let specialist’ range is getting twelve new products, between £75,000 and £1m. Rates are from 3.79 per cent to 5.29 per cent.
Kent Reliance is cutting nine products from the range, between £100,000 and £3m and with rates between 4.49 per cent and 5.49 per cent.
The lender’s ‘large loan buy-to-let standard’ range is being bolstered by eight products between £1m and £3m and 3.79 per cent and 4.59 per cent.
Kent Reliance’s ‘large loan buy-to-let specialist’ mortgage range is having eight products added, between £1m and £3m and with rates from 3.79 and 4.59 per cent.
The firm’s ‘ex-patriate buy-to-let’ products get two new products between £125,000 and £3m. One has a rate of 4.49 per cent with a fee of 2 per cent and one has a rate of 4.89 per cent and a fee of 2.5 per cent.
It is is pulling two products from the same range – one at 4.79 per cent and 2 per cent and one at 4.99 per cent and 2.5 per cent.
The lender is also making a number of changes to its residential products.
Its ‘residential standard’ mortgages are having eight products added, between £75,000 and £3m. Rates vary from 3.79 per cent and 4.39 per cent, all with fees of 0.5 per cent. 90 per cent LTV is available for loans of more than £250,000.
However, the lender is withdrawing six mortgages from the same range, from £100,000 to £3m and 3.89 and 4.79 per cent.
Kent Reliance’s ‘residential interest-only’ products are being bolstered by eight new additions, between £75,000 and £3m and 3.79 and 4.09 per cent.
The same range is being cut by six, varying between £100,000 and £3m and 3.89 and 4.39 per cent.
Finally, the lender’s ‘shared ownership’ mortgages are having three new products added. The minimum loan size is £70,000 and the maximum is £3m. Rates are 4.49 per cent, 4.59 per cent and 4.79 per cent, all with £399 fees.
The lender is removing three products from the same group, with the same loan limits. Those rates are 4.79 per cent and 4.89 per cent with a £399 fee and 4.99 per cent with a £499 fee.
Coreco Group director Andrew Montlake says: “This is an excellent move from Kent Reliance who already have good criteria and a strong service proposition for brokers.
“Combining the standard and specialist buy-to-let ranges makes sense in today’s environment when there is no longer a real need to charge more for that type of business. The rate reductions are most welcome and this will help to support landlords who are feeling hard done by at present.”