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Kent Reliance Lending criteria

Kent Reliance Lending criteria

Kent Reliance - Buy to let Lending criteria

Notes: The following information may contain errors. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

Mortgage Product

 

Advances
Upto 3,000,000 85% LTV (Rmg 85%)

Notes
Mortgage is Portable
If you move house you may keep your mortgage product subject to lending criteria at the time of any future move. Please see Kent Reliance's sales literature at the time of any future move for these criteria.
- Mortgage is NOT for First time buyers

ONLY FOR NON-REGULATED BUSINESS.


An overpayment or lump sum of 500 or more, over and above your normal monthly payment, will be treated as a capital repayment. After an overpayment or lump sum has been paid, interest will be recalculated from the 1st of the following month.

This mortgage includes a facility for additional secured borrowing. Additional secured borrowing is available subject to our terms and conditions and, in the case of Shared Ownership mortgages, confirmation that the additional borrowing is covered under the mortgage protection clause.
THIS WILL INCREASE THE AMOUNT OF BORROWING SECURED ON YOUR HOME.

Buy to Let : Accepted
Capital Rest Period : Monthly

Repayment Types

Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) Yes
With Profits Yes
Unit Linked Yes
ISA Yes
Split Repayment Yes

Fees



Arrangement : Varies Can be Added
Booking : None

Early Repayment Charges
Varies

Higher Lending
None

Valuation
Basic:
upto 100,000 - 125
upto 150,000 - 150
upto 200,000 - 175
upto 250,000 - 200
upto 300,000 - 225
upto 350,000 - 250
upto 400,000 - 275
upto 450,000 - 300
upto 500,000 - 325
upto 600,000 - 460
upto 700,000 - 560
upto 800,000 - 625
upto 900,000 - 685
upto 1,000,000 - 800
upto 1,500,000 - 1200
upto 2,000,000 - 1600
upto 2,500,000 - 1900
upto 3,000,000 - 2200
upto 3,500,000 - 2700
upto 4,000,000 - 3100
upto 4,500,000 - 3400
upto 5,000,000 - 3700

Min Valuation 75000
Valuation fee is payable at time of application with the admin/booking fee.

Valuations over 3 million by negotiation

Higher Lending Charges are calculated on the difference between 75% of the value of your home and the amount you wish to borrow. Added fees will not be included in this calculation.
Administration Fee - 130.00 Payable upfront.
Bank Transfer Fee - 25.00 Payable on completion.
Lenders Conveyancing Fee - 103.00 Payable on completion. Legal fees payable to your solicitor for acting on behalf of the lender, usually payable at the time the mortgage starts and non-refundable. The figure quoted is an estimate and is only part of the cost of the conveyancing work. You should ask you solicitor for details.
Redemption Administration Charge - 150.00 Payable on redemption.

Acceptable Property Types

Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Refer
Maisonette Yes
Studio Flat Yes
Flying Freehold Yes
Thatched Refer
Timber Framed Refer
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Yes
Listed Building Consider

Not Accepted
New Build acceptable. Not available for Ltd Companies, HMO's or Student Lets.

Where the property comprises of 4 units or less the decision to lend is at the discretion of the underwriter

Flying Freehold max 25%

Accepted Locations : England, Wales

Requirements



Bank Statements 3 months
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan 100,000/Rmg 100,000
Max Loan 3,000,000/Rmg 3,000,000
Max Portfolio of BTL Loans none
Min Age 25 years
Max Age 85 years
Min Term 5 years
Max Term 35 years
Foreign Citizens Not Accepted
Ex-Patriates Refer

Income Multipliers
Rental Income must be 125% of the monthly mortgage payments when calculated using a rate of 5%.

Min months in current position 12
Min months in continuous service none
Min no. of years accounts 2
Average years taken to calculate income 2
Will consider declining profit Consider

Outgoings
The minimum rental income depends on the location of the property, the property value and the loan to value.
100% cover can be considered: for prime central London properties with a property value greater than 1m and a loan to value of 50% or less.
110% cover can be considered: for properties in London and the South East with a property value greater than 1m and a loan to value of 65% or less. The borrower must have a minimum of 3 existing rental properties or a minimum Buy to let indebtedness of 750,000. The valuer must also confirm the property type and that it has steady demand for letting.
125% cover: for all other properties.

The Rental calculation is 125% at 5%, or the payrate, whichever is the higher.

Income declared on the application must be verified in accordance with the policy. A verified income is required.

Self Employed: Bank insists on 2 years plus a projection for the current year. Income will still be based on actual verified figures and not projections.

Rental Income must be 125% of the monthly mortgage payments when calculated using a rate of 5%.
Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education NOT Taken into account
Extra Income:-
Other Income - Guaranteed Add 50% to income before multiply
Other Income - Regular Add 50% to income before multiply
Other Income - Irregular No
Investment Income Add 100% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension No
Car Allowance Add 100% to income before multiply

Remortgage



Capital Raising Acceptable
Home Improvements Acceptable
Debt Consolidation Acceptable
School Fees Acceptable
Holidays/Cars Acceptable
Buy Other Property Acceptable
Business Purposes Not accepted
Divorce Settlement Acceptable
Unencumbered Acceptable



Adverse Credit



CCJs/Defaults : Accept:
1) Max 300.00 in CCJs/Defaults. These must be fully paid. This condition does not incur any rate loading.
2) There must be no CCJs/Defaultss in the last 36 months. This condition does not incur any rate loading.
3) Any CCJs/Defaults accepted. This condition does not incur any rate loading.
Arrears : Accept:
1) No arrears (paid or unpaid) in the last 12 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Accept:
1) IVA must be discharged at least 3 years prior to application. This does not incur any rate loading.
2) Bankruptcy must be discharged at least 3 years prior to application. This does not incur any rate loading.
Repossessions : Not accepted.

An explanation of the debt must be submitted with the application together with the evidence of satisfaction (if applicable).
Arrears over 3 years ago are accepted with an explanation (and confirmation that they are updated).
IVA/bankrupts who have been discharged over 3 years and who have no residual debt may be accepted with rationale.