I am delighted to announce that as part of Kent Reliance for Intermediaries hand crafted approach to underwriting, we are launching a new residential range to help provide solutions for your clients with effect from tomorrow Friday 1st April.
Our new core range features products with no maximum loan amount on loans up to 90% LTV and includes a choice of fixed or percentage fee options making it easier for you to place your cases.
Key features of the new core residential range includes:
- Lending up to 90% LTV
- Purchase and remortgages (including day one remortgages)
- Defaults and CCJs – 0 in 24 months – not counted where registered over 24 months
- Missed mortgage payments – 0 in last 12 months and currently up to date
- Unsecured arrears – 2 missed payments in last 12 months and currently up to date
However we understand that sometimes, depending on your clients profile, you may need a little extra flexibility. By applying a common-sense approach to our decision making means we could help your clients where other lenders may struggle. With this in mind we have introduced an additional range for when clients need extra flexibility.
‘A little extra flexibility’ – key features include:
- Up to 2 defaults and 1 CCJ considered in last 2 years (not counted where registered over 24 months)
- Missed mortgage payments – 0 in last 6 months and currently up to date
- Unsecured arrears – 2 missed payments in last 12 months and currently up to date
- DMPs must have been satisfactorily conducted for a minimum of 12 months
Tracker rates re-introduced
- Tracker rates from 3.24%
- Up to 90% LTVs available for purchase and remortgages
- Reversion rates reduced to 4.24%
- No maximum loan amount up to 90% LTV*
- £995 product fee up to £1.5 million*
- 0.25% product fees available for loans over £1.5 million*
*Applies to specific products
In addition we have taken the opportunity to revisit our further advance and retention products so they are aligned with our new residential offering.
Further Advances
- Further Advance range has also been updated so that pay rates will now match the new business products with the exception of the product fee for further advances which will now be 0.5%.
Retention Products (Product Transfers)
- Our Retention range has also been updated and now aligned to our core product range with the exception of the product fee for retention products which is set at 0.25%.
If you have any questions regarding the above, please do not hesitate to contact either myself, your corporate account manager, or your local Business development Manager
