Lenders increase buy-to-let LTVs to 75%
Kent Reliance for Intermediaries, Precise Mortgages and InterBay Commercial – the three OneSavingsBank brands – have increased loan-to-values to 75%.
This applies to products such as HMOs (up to 6 beds) and MUFBs for remortgages and for limited companies.
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.”
The bank said it will honour existing cases provided that the application has progressed to valuation stage, fits the new criteria and fees have already been paid.
Cleary added: “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.”