Broker Team: 01634 835791

Brokers updates

Aug 17 2017 - New portfolio lending proposition announced

Important changes to our criteria
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Kent Reliance

Announcing our new portfolio lending criteria

We are pleased to announce our new lending criteria for Portfolio Landlords in support of the PRA changes coming into effect on 1 October 2017.

We wanted to share the new criteria with you as soon as possible, so that both you and your clients are fully prepared for the forthcoming changes.

Our new way of working

Our new criteria, accommodating the Portfolio Landlord changes, will commence from 1 October 2017. The criteria will apply when brokers are submitting cases for Portfolio Landlords, who can be identified as any borrower with four or more mortgaged properties. This includes those that are applying for a fourth mortgaged property, or those looking to re-mortgage one of their existing four properties.

In line with the new rules, we will require the following documents from Portfolio Landlords for all mortgage applications:


  • Business Plan
  • Assets and Liabilities statement
  • Cash flow statement

Template documents have been created to simplify the submission process, and are available to download now from our website.

We will also require details of the borrower’s wider Buy to Let portfolio, which we will assess as part of the underwriting process.

It’s also important to know that any portfolio that is not currently with Kent Reliance will be subject to an interest rate stress test of 5%, and will need to meet or exceed an ICR of 125%.

Submitting portfolio information

As you may know, brokers will be able to submit Portfolio Landlord information via our new submission platform, which is currently being developed with our partners at eTech. The platform has been designed to offer brokers one, straightforward online solution for providing important information relating to their clients’ cases, and can be accessed via our website.

For more information about our new lending criteria and the upcoming PRA changes, please contact your Business Development Manager.

Thank you for your continued support.

Kind regards


Adrian Moloney

Sales Director


Kent Reliance - OneSavings Bank plc

                           


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krbs, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc. OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). Registered in England and Wales (company number 7312896).

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© OneSavings Bank plc 2017.
krbs, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc. Registered in England and Wales (company number 7312896). Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET. OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). We subscribe to the Financial Services Compensation Scheme and the Financial Ombudsman Service.

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