OneSavings Bank (OSB) has today launched a new product range across its three lending brands following news that physical valuations can take place in England. This represents the initial phase of a structured rollout plan designed to fully support intermediary partners from the outset as valuers return to the market and estate agents start to open their doors again.
OSB has increased the LTV to 75% across their buy to let ranges available through Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial. These rates apply to products such as HMOs (up to 6 beds) and MUFBs for re-mortgages and for limited companies. 75% LTV is also now available on residential lending and Precise Mortgages has resumed help to buy lending.
Brokers with existing pipeline applications can be assured that their cases will continue to be honoured, provided that the application has progressed to valuation stage, fits the new criteria and fees have already been paid.
As one of the largest specialist lenders in the market, OneSavings Bank has worked hard to support the intermediary market in the short, medium and long term, despite challenges such as COVID-19. These challenges have been met by adopting a prudent approach which includes prioritising existing brokers and their customers, ensuring access to sufficient and strong funding and refining an infrastructure that allows a flexible and agile approach which has enabled OSB to reintroduce lending quickly.
Alan Cleary, Managing Director, OneSavings Bank said, “Whilst it’s been an odd and unsettling time, I’ve been especially proud of the efforts that the OneSavings Bank team has made to ensure a level of business continuity for our intermediary partners during the lockdown period. Being agile enough to come out so quickly with a new 75% LTV offering is a great testimony to their dedication.”
“A return to physical valuations is obviously a really positive step for the market and we know from our regular conversations with brokers that it was absolutely vital we were up and running as soon as these were possible. We’ve made great efforts to be transparent with our brokers, with regards to our lending appetite, to manage their expectations and also demonstrate that we can move quickly in response to the changing market.”
“It’s more important than ever for us to work closely with our brokers to help them guide customers through the new complexities that COVID-19 has brought to the market whilst continuing to innovate and offer lending solutions that work for them.”
But I emphasise that this is only the start of the journey and if the UK’s recovery continues on this trajectory then we intend to move forward at pace.”
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