Kent Reliance has become one of the latest lenders on the market to be revamping its product range this week, having now re-introduced a selection of 5 year fixes to its product offering in response to popular demand.
The 5 year fixed rate range is now available up to 90% loan to value (LTV) for residential mortgages, 85% LTV for residential interest only offers and 85% on buy to let products or 80% for large buy to let loans. The affordability assessment for these products will be the mortgage pay rate.
Along with this, Kent Reliance has also launched a new Large Loan/Large Portfolio product range, designed specifically for landlords looking to borrow £1 million or more. Available up to 80% LTV, this features 2 and 3 year fixed rate and discount products from 3.79% or 4.19% for 5 year fixed rates.
Kent Reliance were not the only ones updating their fixed rates range, however, with Prestige Finance also announcing changes, including a new product as part of an improved pricing initiative across its prime product range. This comes alongside a host of reductions, from rate cuts of up to 85% loan to value (LTV), lender fee reductions, as well as new product fees for large loans.
The new prime product from the lender is available up to 60% LTV with a rate of 5.29%, or 5.5% for Prime products between 60 and 65% LTV. Product fees have also been reduced from £500 to £300 across these offers, and from £995 to £500 (on loans up to £250,000) or from £1,995 to £750.
Overall, the lender has reduced rates across the range, while maintaining the 85% LTV products on standard and specialist mortgages.
Finally, these are not the only lenders looking to improve market conditions for borrowers in every space. For example, Accord Mortgages has now adjusted its household expenditure estimates with a view to make mortgages more accessible and increase the amount of applications being accepted.