The new Mortgage for the Self Employed is available exclusively through specialist distributor Brightstar Financial, and offers a 2 year discount with no early repayment charges at any stage.
Borrowers are only required to submit 12 months’ business accounts instead of the usual 3 years, a feature made possible by Kent Reliance’s ability to underwrite mortgages individually rather than using the computer-driven, rules based approach taken by other lenders.
Andy Golding, CEO of One Savings Bank said:
“Where big banks still seem to be reluctant to lend to small and medium enterprises, we’re prepared to help entrepreneurs by taking an experienced and responsible look at their business potential. We recognise the huge contribution of UK entrepreneurs and small business owners to getting the economy moving, and are delighted to make it easier for them to buy property.”
As responsible lenders, Kent Reliance and Brightstar will take a holistic approach to reviewing each application, looking at accountant projections for at least the 2nd year, 6 months’ personal and business bank accounts, and will ensure each case has a realistic and robust plan to be able to pay their mortgage.
Rob Jupp of Brightstar said:
“Never has the famous Churchill quote ‘Some see private enterprise as a predatory target to be shot, others as a cow to be milked, but few are those who see it as a sturdy horse pulling the wagon’ been more relevant than in today’s economy, where UK entrepreneurs with tremendous potential are prevented from moving house or buying a bigger home.
"Mutual lenders like Kent Reliance are showing maturity and leadership and we are delighted to be leading this fantastic project for them.”
