Compare Criteria

Kent Reliance

Mortgage Type

Residential

Property Value (min)

LTV dependent - if above 75% then minimum value is £111,112. £50,000 if LTV 75% or less).

Advance (min)

For standard residential applications: up to 75% LTV, minimum loan amount is £50,000.

76%-85% LTV, minimum loan amount is £100,000 as long as property value is £125,000

For shared ownership applications, the minimum loan amount is £50,000 and we can go to 100% of MSV (Market share value).

85% LTV for self-employed contractors trading for one year.

Advance (max)

£1,000,000 to 90% LTV. £3,000,000 to 85% 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 85% 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.

New Builds

New Build houses up to 85% LTV and flats accepted to 75% LTV.

Credit Score

No

Historic CCJ’s & Defaults

Prime - CCJ's - 0 in last 36 months and must be satisfied unless £300 or under.

Defaults: - 0 in last 36 months and must be satisfied unless £300 or under.

Near Prime 1: - CCJ's - 0 in last 24 months and must be satisfied prior to application. Ignore is if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Defaults: - 0 in the last 24 months and must be satisfied prior to application. Ignore is if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Near Prime 2: - CCJ's - 0 in last 12 months (1 in the last 24 months) and must be satisfied prior to application. Ignore is if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Defaults: - 0 in last 12 months (1 in the last 24 months) and must be satisfied prior to application. Ignored if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Near Prime 3: - CCJ's - 0 in last 6 months (2 in the last 24 months) and must be satisfied prior to application. Ignored if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Defaults: - 0 in last 6 months (1 in the last 24 months) and must be satisfied prior to application. Ignored if satisfied >12 months, less than £300 in total and satisfied and registered more than 24 months ago whether satisfied or not.

Communication, Utility and Mail Order Performance ignored where the account balance is less than £500 (single or in aggregate)

******
Standard Criteria: - CCJ’s and Defaults: all need to be satisfied prior to application.

The restrictions may not apply in the following circumstances (subject to full underwrite):

Where the CCJ/default was registered more than three years ago and satisfied prior to mortgage application.

Where the CCJ/default was satisfied more than 12 months prior to application regardless of date of registration.

Where the CCJs/defaults in aggregate amount to less than £300 regardless of the date of registration. It must be satisfied prior to mortgage application.

An explanation of the debt must be submitted with the application together with the evidence of satisfaction (if applicable).

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

Prime: - 0 in last 12 months and must be up to date. Near Prime 1: - 0 in last 12 and must be up to date. Near Prime 2: - 0 in last 12 and must be up to date. Near Prime 3: - 0 in last 6 and must be 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

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

Right to Buy (RTB)

No

Debt Management Plan

Prime: - Not accepted
Near prime 1: - Yes, as long as satisfactorily conducted for 12 months.
Near prime 2: - Yes, as long as satisfactorily conducted for 12 months.
Near prime 3: - Yes, as long as satisfactorily conducted for 12 months.

Standard criteria - Consider after 3 years

Help To Buy (Shared Equity)

No

Ex-Bankrupts

90% LTV - Not considered if previously bankrupt. Unless 85% LTV - then it has to be clear for 6 years and discharged. 80% LTV - 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.
85% 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

Self employed applicants with 1 years accepted (up to 90% 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