Kent Reliance’s buy-to-let maximum loan limit has been cut to £750,000, down from £1m, while the lender has removed its three-year fixed rate product fee.
Kent Reliance’s minimum loan size has been reduced to £50,000 for specialist buy-to-let, including limited companies and houses in multiple occupation (HMO).
However, multiple units on a single freehold still have a £75,000 minimum loan.
Adrian Moloney, sales director, OneSavings Bank, said: “As the leading specialist lender, we’re constantly adapting and fine tuning our mortgage proposition to ensure it remains relevant and reflects the needs of our broking partners.”
It is worth pointing out that Kent Reliance has also made changes to its core residential mortgage range, with its near prime maximum loan limit increased from £500,000 to £1m for all ranges.
Loans over £500,000 will be subject to maximum of 80% loan-to-value (LTV). Interest-only asset-backed loans are now available for property values of £500,000 and a minimum loan of £50,000.
Moloney added: “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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