Kent Reliance and Precise unveil BTL mortgage overhaul

Kent Reliance for Intermediaries has revealed a revamped portfolio which includes buy to let and part-ownership schemes.

The lender, which is part of the OSB Group, sees its initiative delivering a 0.5% rate cut on select investment property loans and the buy to let changes include:

• 80% LTV fixed rates dropping by 50bps
• Full range rates from 4.59% and suitable for any property type including HMOs with up to 20 lettable rooms.

Adrian Moloney, the group intermediary Director at OSB Group, said: “With the current economic backdrop, we were keen to provide some positive product options for brokers as we understand the challenges they are facing across the board.

“At the end of the day, there are always clients wanting to transact, whether it’s for the next step towards a family home or an investment property so it’s important as a lender that we listen and adapt accordingly.”

Precise has improved its buy to let mortgage products

Meanwhile, Precise, which is also part of the OSB Group, has improved its buy to let mortgage products with wider adverse options and lower rates. The changes include:

• Current Tier 1 80% LTV buy to let rates reduced by 50bps
• New Tier 2 and Tier 3 buy to let ranges for adverse cases.

The lender has re-introduced Tier 2 and Tier 3 buy to let products, starting from 5.19%, designed for BTL customers who have had issues with their credit previously.

Mr Moloney said: “These buy to let changes reflect the challenges that UK Finance highlighted in their Q4 results which showed that a percentage of landlords as well as homeowners were struggling with their finances.

“As well as reducing rates, we’ve widened our acceptable adverse criteria on buy to let properties with Tier 2 and Tier 3 products which firmly establish Precise’s position as a specialist adverse lender.”