Kent Reliance

Mortgage Type

Residential

Property Value (min)

£75,000 minimum (£125.000 if Shared ownership)
Can consider day 1 remortgages

Advance (min)

£50,000

Advance (max)

£750,000 up to 90%
£3,000,000 up to 85%
£3,000,000 up to 75% LTV

Term (Max)

35 years

Minimum Age

18 years

Maximum Age

85 years

Family Cash Gift Deposit

Yes

Family Gift of Equity Deposit

Yes

Income (min)

No minimum income. Affordability calculator used for income. 100% of basic salary 50% of regular overtime, bonus or commission. 100% of maintenance by court order(child under 13). 3 years self-employed using dividends, drawings OR share of net profit if no salary and dividends are taken, not both.

Contractors: -

Current contract must have at least three months remaining
at application.

Applications must be able to evidence at least one renewal
with a minimum 12 months sector experience (either as
contractor or PAYE employment).

Can go up to product maximum LTV

Copy of latest and previous contract

No minimum income for contractors on either prime, or the near prime range

Current contract must have at least 3 months remaining at application

Applications must be able to evidence at least one renewal with a minimum 12 months sector experience (either as contractor or PAYE employment)

3 months personal and business bank statement must be provided

Copy of latest and previous contract

Projection for the second year income from a suitably qualified accountant can be considered where a suitable business plan is provided. The level of projected income used can be up to a level of 30% greater than the year one figure.

DWP Tenants

No

Ex-Local Authority Properties

Houses - Accepted to 75% LTV.
Flats - Considered, but on a case by case basis - 75% max LTV

Minimum Ownership

6 months minimum ownership before remortgage considered.

Day 1 remortgage accepted on the following basis: -

• Lending can be based on current property value – if verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price
• Maximum 75% LTV
• Standard pricing to apply
• Customer(s) to be on the voters roll for residential applications

Kent Reliance (One Savings Bank) will: -

• Undertake a Land Registry Search to confirm the applicant(s) owns the property
OR
• Where this is not available, request confirmation of the Land Registry submission confirming the purchase, date and price via the acting solicitor

Not available for New-build purchases – defined as properties that are less than two years old (from the date of practical construction) which have not been lived in.

Permanent rights to reside and remain

Only accept permanent rights to reside. If EEA national, will need to have been in the UK for a minimum of 36 months before able to apply for mortgage
Tier 2 Visa - on a case by case basis, Tier 2 Visa’s can be considered on case merit. Subject to product loading.

EU Citizens

Applications submitted from 1st January 2021 where the applicant is an EU citizen they must provide a valid permanent residence document or evidence that settled or pre-settled status has been granted under the EU Settlement Scheme. This can be in the form of a letter from the Home Office confirming their settlement status or a Residence Card.

Settled status is awarded to EU citizens that can evidence a minimum of 5 years’ continuous residence in the UK, whereas pre-settled status applies to those who have not resided in the UK for 5 years. Those awarded pre-settled statuses can apply for settled status once the 5-year residence requirement can be met.

New Builds

New Build houses up to 75% LTV and flats accepted to 75% LTV.

Credit Score

No

Historic CCJ’s & Defaults

All CCJs & defaults must be paid prior to the application or must meet the ignore CCJ/default criteria

Up to 2 defaults and 1 CCJ considered in last 2 years (not counted where registered over 24 months)

Ignore CCJ/default criteria: <£300 in total & satisfied >12 months prior to application OR registered >24 months whether satisfied or not.

CCJs/Defaults: - 0 in 24*
Secured arrears: - 0 in 24*
Unsecured arrears: - 2 in 12 and must be up to date

**All CCJs & defaults must be paid prior to the application or must meet the ignore CCJ/default criteriaIgnore CCJ/default criteria: <£300 in total & satisfied >12 months prior to application OR registered >24 months whether satisfied or not

Valuation Fees

Paid direct to lender at the lender fee scales

Maximum number of applicants

4

Countries

England and Wales only. Isle of Wight considered

Access

Access to Kent Reliance For the Near Prime Residential Range is on a packaged basis only

Missed mortgage payments

Missed mortgage payments - 0 in last 6 months and currently up to date

Property Type / Commercial

HMO's up to 8 beds (Over 8 bed - The client MUST already own a HMO property. Broker must call into Kent Reliance's team to obtain a quote for a valuation (Long Form Val), Kent Reliance can also lend on student lets, Up to 4 flats on 1 title allowed. Available in SPV Ltd Co and individuals.

Location

Will lend in England and Wales.

Type of Credit Search conducted at AIP stage

Soft foot print, hard foot print upon full application

Shared Ownership

Minimum loan amount is £50,000 Please see product guide for further information. Minimum share they can purchase is 25% The Housing Association must allow the applicant to staircase to the full 100% ownership of the property, and must be registered as such Yes - Up to 100% of the value of the share you are buying. Needs to be purchased through a registered Housing Association that permits up to 100% stair casing - will be considered on core product range - check before submission. Furlough income considered £125.000 minimum property value One year self-employed considered

Right to Buy (RTB)

No

Debt Management Plan

No

Help To Buy (Shared Equity)

No, for help to buy

Forces Help to Buy: - Acceptable with no additional deposit from the borrower, with evidence of the Ministry of Defence Personal Information note confirming the amount loaned under the scheme, the agreed monthly repayment and the agreed repayment period. The value of the interest-only monthly repayment must be included in the affordability calculation.

Ex-Bankrupts

75% LTV if - Any bankruptcies or IVA’s need to be clear for at least 3 years, with no residual debt, and there can be no repossession, voluntary or otherwise, as part of the order. We would require reason for the bankruptcy/IVA, and would be underwriter’s discretion.

IVAs

Considered if it is older than 3 years from the date of satisfaction

Repossessions

Not accepted

Payday Loans

None in last 12, considered

Repayment Types

Repayment or interest only or Part and part. Residential Interest Only products are designed for your clients who have sufficient background assets, such as equity in other property or investments that can be used to repay the capital in the future. This product is available for property values over £500,000

Lenders completion fee

Can be added

Affordability

Affordability based

Employment

Minimum 6 months employed in current job with 12 months continuous.
75% LTV for self-employed contractors trading for one year.
100% of income can be taken for clients with a second job
Construction sub-contractors are now treated as employed customers when paid net of tax.

Self Employed

All self employed applicants will be reviewed - upon DIP submission.

Self employed applicants with 1 years accepted (up to 75% LTV)

Income to be based on the finalised accounts prepared by the accountant acting for the business who must be suitably qualified;

Projection for second year income must be provided by the accountant; second year projection can be used if no more than 30% growth.

3 months personal and business bank statements must be provided;

Self-assessment returns or SA302 are NOT accepted as proof of income;

Income will be verified by means of an accountant’s reference.

Only accept Salary and dividends not net profit

Share of Dividends Yes
Share of Directors remuneration Yes
Share of directors car allowances Yes
Share of directors pension contributions Refer to BDM / u/w
Share of use of home as office No
Share of private health insurance No
Share of spouse's income (sole app) No - but it could be used as an argument to do a case - refer to BDM
Operating profit Potentially - refer to BDM
Retained net profit Yes - if figures are increasing can look at latest years

**Can consider looking at net profit plus salary if 100% owner of business