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Kent Reliance and Marsden Building Society have both updated their buy to let investment mortgage ranges.
Kent Reliance, the trading name of OneSavings Bank, have reduced the lower limit for buy to let large loans to £750,000 from £1 million, and also removed the 3-year fixed rate product.
There has also been a reduction in minimum loan size to £50,000 for specialist buy to let, including limited companies and houses in multiple occupation (HMO) from Kent Reliance. Multiple units on a single freehold will still have a £75,000 minimum loan.
The Kent Reliance residential range has also seen changes, with the a near prime maximum loan limit increased from £500,00 to £1 million for all ranges. Loans over £500,000 will be subject to maximum LTV of 80 per cent. Interest-only asset-backed loans are now available for property values of £500,000 and a minimum loan of £50,000.
Adrian Moloney, sales director, OneSavings Bank, said: ‘As the leading specialist lender, we’re constantly adapting and fine tuning our mortgage proposition to ensure it remains relevant and reflects the needs of our broking partners.’
Meanwhile, Marsden Building Society has added new products across it’s expat, older borrower, retirement interest-only and residential ranges including a 5-year fixed expat buy to let product.
There’s also a combination of changes to term end dates.
Steve Robinson, head of lending at the Marsden, said: ‘We’ve done a full refresh of our mortgage range and reviewed where our Lending Solutions support intermediaries best. As part of this, we’ve introduced a 5-year fixed expat buy to let product, to meet a growing demand in this market.
‘As well as this, we’ve widened our lending solutions with a short-term mortgage within our standard residential range.
‘Following feedback from brokers looking for an alternative to bridging, we’ve introduced a product with a maximum of 2-year product term on interest only and has no early repayment charges which is available up to 60 per cent LTV.