Mortgage lender Kent Reliance, part of the Once Savings Bank Group, has announced that they will now offer more residential mortgage products to help home buyers and remortgagers with complex income sources.
Founded in 1898 as the Chatham & District Reliance Building Society and rebranded as Kent Reliance Building Society in 1986, Kent reliance is synonymous in the mortgage world as a “common sense” lender. By this we mean a lender that thinks realistically about clients’ circumstances both present and future.
Their stance is a stark contrast to the clinical and uniform way that most high street banks and building societies look at mortgage applications. Whereas most lenders rely heavily on credit score and meeting their stringent criteria, Kent Reliance is much more flexible and often looks at the merits of the case and the client to make their decision.
What Are Kent Reliance Most Known For?
Perhaps Kent Reliance’s most popular USPs are to do with their stance on adverse credit:
Adverse Credit: Whereas most high street banks frown on any adverse credit such as missed payments or defaults showing on your credit file, Kent are much more lenient. Currently they accept:
- County court judgments: 0 in the last 6 months (1 in the last 24 months)
- Defaults: 0 in the last 6 months (2 in the last 24 months)
- County court judgments and defaults ignored when one of the following applies. £300 in total and satisfied > 12 months prior to the application. Registered > 24 months whether satisfied or not.
- Missed mortgage/secured loan payments: 0 in 6 months and currently up to date
- Unsecured arrears: 2 in the last 12 months and currently up to date
- Communication, utility & mail order missed payments: Ignored where the account balance is less than £500.
- Debt management plans: Satisfactorily conducted for minimum of 12 months
- IVA/DRO/bankruptcy: > 3 years discharged
- Repossessions: Not acceptable
What’s New With Kent Reliance?
With the aim of expanding their mortgage lending flexibility, Kent have announced that they are launching new products designed specifically for more complex income sources that could see mortgage affordability boosted by a large amount for some.
The new products, which were launched this week, could be used by clients who may be professionals with sustainable incomes that will increase due to attaining further professional qualifications in the future such as solicitors, people in the medical field, engineers etc.
This means that if for example, you were a trainee engineer on £30,000 a year but when you complete your qualifications and training, your income goes up, Kent could possibly increase your mortgage affordability in line with your future earnings. The new products could also help clients who can provide evidence of regular bonuses and/or those with more than one form of income.
The new range will be available as a 2-year or a 5-year fixed product up to 95% loan to value meaning you could potentially put as little as 5% deposit down yourself. Rates do start from 4.29% which is rather high however, these products may just be your saving grace if you are struggling to get a mortgage with other lenders. The maximum loan allowed for the products is also £1.5m.
What Has Kent Reliance Said?
OSB group intermediary director Adrian Moloney says:
“Now more than ever, the value of a specialist mortgage broker cannot be overlooked, especially for clients who may already be paying high monthly rents but are unable to access home ownership through the high street as they need a multi-income stream to be considered.
At Kent Reliance for Intermediaries, our underwriters are widely acknowledged as having best-in-class service as well as outstanding knowledge. Our expertise means we could provide a common-sense solution even if the case falls outside of standard criteria, with the ability to support a wide range of client types and differing income considerations.
This new flexible residential range is another example of us working with our broker partners and using our in-house expertise to handcraft positive lending solutions for clients.”
If you or someone you know is looking for a mortgage but are struggling with complex income streams, please give our friendly and helpful advisors a call today to see how we can help.