Kent Reliance for Intermediaries has reintroduced its shared ownership residential product range in response to demand from brokers.
The range is available on purchase or remortgage applications up to a maximum of 75 per cent LTV and up to 100 per cent of the share loan is available from a minimum of £50,000 and up to a maximum of £1m.
The products will also now be reverting to the Bank of England base rate tracker of 4.5 per cent.
The relaunch of the product comes following the lender’s sister brand Precise Mortgage reintroducing its Help to Buy range.
One Savings Bank group sales director Adrian Moloney told Mortgage Strategy that the timing was right to reintroduce the product with physical valuations possible again.
“We have been phasing back in products since physical valuations came back in a very controlled manner to manage capacity,” Moloney says.
“It was always planned to reintroduce this range and it was about getting the product right. With Precise having relaunched its Help to Buy range, the products will work hand-in-hand to support first-time buyers in the market.
“We have heard from brokers that there has been plenty of interest in shared ownership and we wanted to support this. Many mainstream lenders’ more rigid criteria and automated underwriting can struggle to support lending in this space. It’s vital therefore for our broker partners that they know they can turn to us for flexible criteria for their clients. The product range also allows borrowers to staircase towards owning the property outright.”
Kent Reliance’s shared ownership products are available from today, 16 June, and Moloney says that the lender will be using physical valuations going forward.
Mortgage Advice Bureau new homes relationship manager James Chidgey says: “This is a welcome return to the shared ownership sector by Kent Reliance for Intermediaries. They’ve been a big supporter of new build through shared ownership for a number of years, adding their specialist bank approach to the sector with manual underwriting expertise, and can be relied upon for their consistent and flexible decisions.”
