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Kent Reliance, Vida Homeloans and Accord Mortgages make changes to BTL and residential ranges

Kent Reliance and Vida Homeloans updates buy to let and residential products whilst Accord introduce a new product transfer process.

Kent Reliance has launched new residential prime and near prime ranges with rates starting from 3.19% up to 90% LTV. Both prime and near prime products will be available to first-time buyers and up to a maximum age of 85 at the end of term.

Criteria changes include the removal of minimum income from contractor mortgages as well as the removal of the professional requirement for one year self-employed applicants, whether the customer is applying for a prime or near prime product.

The three distinct near prime ranges will also have no value limits on CCJs, arrears or defaults. These changes mean its underwriters will now assess residential cases against new, wider criteria, allowing Kent Reliance to consider a broader range of complex residential cases.

Adrian Moloney, sales director at OneSavings Bank, commented: “Having been synonymous with specialist buy-to-let lending for some time, Kent Reliance is now bringing its skill set and specialist underwriting expertise to the residential market. The new residential prime and near prime ranges, featuring 90% LTV and wider criteria, signals our clear ambition to be a competitive player in this market.

“We are taking this move very seriously so I’m delighted that our key intermediary partners are fully behind this move, especially with support for our near prime range by our selected packager partners.”

Elsewhere, Vida Homeloans is also making changes. As of today the specialist lender has withdrawn many of its variable and tracker rates and raised rates on fixed mortgages, which it has found increasingly popular with both residential and buy to let borrowers.

The new Vida Premier product offers a buy to let two-year fixed product up to 70% LTV at an interest rate of 2.99%, or up to 80% LTV at a rate of 3.49%.

On Vida Premier, a buy to let five-year fix up to 70% LTV has a rate of 3.44%, and at 80% LTV a rate of 3.94%.

The Vida Variable rate and its LIBOR have increased by 0.10%.

Meanwhile, an end-to-end online product transfer process has been launched by Accord Mortgages. The new process for existing customers is intended to cut the time involved in arranging a product transfer and enables access to a client’s offer at the click of a button. The offer is valid for 90 days. Brokers will be able to get a lending decision and access relevant documentation online for their clients.

Accord does not require affordability assessments, valuations or credit checks for like for like mortgage switches.

Accord national intermediary sales manager David Robinson says:

“Brokers have told us that they prefer the ease of conducting product transfers online, so we hope that our new process will free up some of their time.
“The new process should make life a lot simpler for brokers arranging existing borrower transfers, and we welcome any feedback on how it can be improved further.”


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