Staircasing for Shared Ownership | Kent Reliance for Intermediaries

For staircasing only
Not available for personal borrowing
Repayment terms available

Interest-only/part and part terms unavailable
Up to 75% LTV
Loans of £15,000 to £1,000,000

Type	Term	Initial Rate	Product Fee	Early Repayment Charge (ERC)	Product Code
Fixed	2	6.07%	0%	4%, 3%	03823 KFAS2507
Fixed	2	6.12%	0%	4%, 3%	03824 KFAS2507
Fixed	2	6.17%	0%	4%, 3%	03825 KFAS2507
Fixed	5	5.95%	0%	4%, 4%, 3%, 3%, 2%	03826 KFAS2507
Fixed	5	6%	0%	4%, 4%, 3%, 3%, 2%	03827 KFAS2507
Fixed	5	6.05%	0%	4%, 4%, 3%, 3%, 2%	03828 KFAS2507

Fixed products revert rate: BBR + 3.00%

Bank of England Base Rate (BBR): 3.75%

The products and/or services featured above aren't regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

What is staircasing?

Staircasing is where your customer can buy a bigger share of their property from their housing association, helping them build more ownership over time.

If your customer currently has a Kent Reliance shared ownership mortgage and wants to staircase, we're still here to help.

1 Agreement in Principle

Download and complete the further advance AIP & application form and email it to furtheradvance@krbs.com.

This form provides us with:

The authority to speak to you on your client’s behalf
The information to generate a Mortgage Illustration for your client
Your client's consent to run an Agreement in Principle.

Has there been any substantial alterations or structural changes to the property since the original first charge was registered?

Please provide any documents relating to any alterations to the property since the first charge alterations, including but not limited to:

Planning permissions
Building regulation approvals
Any other relevant consents.

Are there any subsequent charges registered after Kent Reliance’s first charge?

Please provide us with any information about additional charge holders on the existing mortgage. To complete the process, the Bank will need to contact them so our Deed of Postponement can be completed to ensure their charge ranks behind the Bank’s first charge and further advance in priority.

You should have a response to the Agreement in Principle within 48 hours.

2 Confirm full application

Once your client’s enquiry has been agreed and we have advised you of the outstanding documents, please arrange for the client to call us on 01634 835791 to pay the fees. Once the fees have been paid and you have emailed the outstanding documents to furtheradvance@krbs.com we will then underwrite the application.

Please note we're unable to underwrite your case until we have receipt of the administration and valuation fees.

3 Completion

Once all required documentation has been provided and accepted by the underwriter, and subject to an acceptable valuation report, a mortgage offer will be issued.

Once you've checked that you and the applicants are happy with the offer please arrange for the applicants to sign and return the Acceptance of Offer – Applicant(s) form, to us so that we can proceed with the completion.

For limited company applications, the guarantor(s) will also need to sign and return the guarantor(s) acceptance of extended guarantor obligations form, to us so that we can proceed with the completion.

For individual applications, there is a 7 day cooling-off period. For limited company applications, there is a 14 day cooling-off period. If the applicant(s) wish to waive this period, we will require confirmation in writing.

Terms and conditions

Application fee £145 payable at time of application. This is to cover assessing and processing the application (even if the application is unsuccessful or is withdrawn). CHAPS fee deducted from loan. Please note that applications will not be processed until this fee is received.

The mortgage will revert to a rate of interest which will be at a variable rate above the Bank of England Base Rate (“BBR”) for the remainder of the loan. The rate will move up and down in line with BBR but if BBR falls below 0.00% the rate the customer is charged won’t change. Please refer to individual products for details on the rates applicable.

If your client makes any lump sum payments or repays the loan within a special deal period, an early repayment charge may be payable. Please refer to the early repayment charge section of the table for details. Payments up to a maximum of £499 per month can be made without incurring an early repayment charge.

A list of our fees and charges accompanies all Key Facts Illustrations (KFI).

Monthly interest - If your main mortgage account was taken on a monthly interest basis, then your Further Advance account will also incur interest monthly. Interest is added to the mortgage account for the period from the date the loan was made until the last day of that month. Thereafter, interest is charged monthly on the balance outstanding at the end of the last month. Your Mortgage Offer will have clarified any specific conditions in relation to how interest is charged. Payments in excess of the required monthly payment will have the effect of reducing the balance outstanding and the amount of interest to be paid.

Daily interest - If your main mortgage account was taken on a daily interest basis, then your Further Advance account will also incur interest daily. Interest is calculated daily on the sum outstanding at the end of the preceding day. Your Mortgage Offer will have clarified any specific conditions in relation to how interest is charged. Payments in excess of the required monthly payment will have the effect of reducing the balance outstanding and the amount of interest to be paid.

All mortgage products are subject to availability of funds and can be withdrawn at any time.

These mortgage products are only available on a repayment basis.

All loans are subject to availability, status, valuation and approval, and are available in England and Wales only. Applicants must be aged 18 or over. Maximum age at the end of the mortgage term is 85. Written quotations are available on request.

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).

Download the full mortgage terms and conditions.

YOUR CLIENT'S HOME MAY BE REPOSSESSED IF THEY DO NOT KEEP UP REPAYMENTS ON THEIR MORTGAGE