Kent Reliance ups near prime loan limit and cuts shared ownership rates

Kent Reliance has made changes to its residential and buy-to-let ranges including increasing its near prime loan limit and reducing rates on its shared ownership offering.

The intermediary-only arm of OneSavings Bank has increased the maximum loan limit on its near prime residential products from £500,000 to £1m for all ranges, which are available to a maximum LTV of 80 per cent.

In its shared ownership range, the lender has reduced rates on its two-year 75 per cent LTV products from a starting rate of 4.49 per cent to 3.89 per cent and reduced the minimum loan amount to £50,000. The max loan amount and early repayment charges are unchanged at £1m and 3 per cent in years one and two respectively.

Three new five-year fixed shared ownership products have also been added, starting at a rate of 4.29 per cent, with ERCs of 5 per cent in year one, 4 per cent in year two and 3 per cent in years four and five.

Further changes to the residential range include increasing LTV thresholds from 65 per cent to 70 per cent LTV on its Near Prime 2 and Near Prime 3 products.

In the buy-to-let arena, Kent has reduced the minimum amount in its large loan range from £1m to £750,000 and cut the minimum loan size on its specialist buy-to-let products to £50,000 from £75,000, including for limited companies and houses in multiple occupation, though the £75,000 cut off remains for multiple units on a single freehold.

OneSavings Bank sales director Adrian Moloney says: “These product changes, especially the large loan reduction to £750,000 and the reduction in minimum loan size to £50,000, shows that we have the appetite and ability to offer varied complex solutions for specialist brokers throughout the UK and not just the south east.”

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