In 2023, the concept of a traditional 9-to-5 job has given way to the rise of the “gig” economy. This new way of working allows individuals to work multiple jobs, diversify their income sources, and enjoy the financial benefits of a flexible work schedule. Whether that’s self-employed or employed. However, when it comes to securing a mortgage, many borrowers with second jobs face unfair roadblocks, as lenders often perceive their financial situations as too complex and unstable. That’s where Kent Reliance come in. A lender that’s breaking the mould by offering tailored mortgage solutions to support borrowers looking for mortgages for people with second jobs.
Mortgages For People With Second Jobs
Kent Reliance, known for its common-sense approach to lending, is committed to helping clients with diverse income sources, including those from both traditional employment and self-employment. Unlike many other lenders who may hesitate to consider secondary income due to it’s perceives sustainability, Kent Reliance stands out by acknowledging and accepting 100% of a client’s secondary income in many scenarios. This is great news for borrowers who work hard to make ends meet through multiple income sources.
One of Kent Reliance’s key strengths lies in their commitment to individual assessment rather than automated underwriting or a black and white criteria sheet. They understand that each borrower’s financial situation is unique, so they approach each case on its own merits. This personalised approach allows Kent Reliance to provide tailored mortgages that cater to the specific needs and circumstances of each borrower. What sets Kent Reliance apart from the competition is their manual underwriting process. What does this mean exactly? While many lenders adhere to strict criteria, Kent Reliance is willing to think outside the box. This means they can consider cases that fall outside of the typical lending guidelines, providing borrowers with a lifeline when they need it most.
Products From Kent Reliance
Kent Reliance offers a range of residential mortgage products, starting at rates of 6.49%. This variety ensures that borrowers can find a product that suits their financial situation and goals. Whether you’re a first-time homebuyer or looking to refinance, Kent Reliance has options that can fit your needs. One notable advantage of Kent Reliance’s mortgage products is the flexibility they offer in terms of loan-to-value (LTV) ratios. While some lenders limit their LTV ratios to 80% or lower, Kent Reliance provides opportunities for borrowers with LTV ratios of up to 90%. This means borrowers can secure a mortgage with as little as 10% deposit, making homeownership more accessible.
Kent Reliance Mortgage Lending Limits
Kent Reliance sets itself apart from other lenders by not imposing a maximum loan amount. This is excellent news for those looking to buy higher-value properties or those in areas with a higher cost of living like London where out mortgage brokerage is based. It means that borrowers won’t be limited by stringent loan caps, giving them more freedom and choice in their homebuying journey.
While Kent Reliance’s willingness to consider secondary income sources and unique financial situations is commendable, it’s important for borrowers to remember that responsible lending is a two-way street. It’s essential to assess your financial situation carefully, understand your borrowing capacity, and work with a mortgage advisor who can guide you through the process. If you or anyone you know is looking to get a mortgage and has a secondary income that doesn’t quite fit other mortgage broker’s criteria, then please give our team a call or drop us a message. We are here to help.