"This range offers customers increased choice, particularly those with specialist needs who are currently underserved and not able to access credit from mainstream lenders."
The near prime range offers rates from 3.19% up to 90% LTV and is available for first-time buyers, contractors, and self-employed borrowers trading for one year.
Adrian Moloney, sales director at OneSavings Bank, said: “The initial reaction from both intermediaries and their clients has been very positive; therefore it was a natural progression to open our near prime range across our entire broker network. This range offers customers increased choice, particularly those with specialist needs who are currently underserved and not able to access credit from mainstream lenders.”
“The extended distribution reflects Kent Reliance’s continued commitment to the market to ensure our brokers receive the best possible service, supported in-house by our specialist manual underwriting team.”
Danny Belton, head of lender relationships at Legal & General Mortgage Club, commented: “Specialist lending in the residential sector continues to grow as the number of customers that have poorer credit histories and CCJs that are explainable, or one-offs increases. There are still a number of good customers that require a near prime type of product and criteria, and the Kent Reliance proposition provides welcome opportunities and competition in this sector. I think the timing of this extension is ideal as Kent Reliance have built a strong reputation with Intermediaries in the Buy to Let sector, and I am sure Intermediaries will embrace these new residential products.”
Martin Reynolds, chief executive at SimplyBiz Mortgages, added: “The wider launch of the near prime range will be welcomed by the market. I feel that having the initial trial period to understand the demand and accept feedback on its design was a very sensible move. The criteria and pricing will both appeal to the intermediary market and the clients that they work with, allowing even more people either on to the property ladder or to remortgage where previously they have struggled.”
