Kent Reliance enters ‘day one’ remortgage / back-to-back market

by Aaron Strutt

Jun 26 2018

Kent Reliance for Intermediaries has started providing 'day one’ remortgages or back-to-back mortgages for borrowers who want to remortgage promptly after purchasing a property. 

Most lenders expect buyers to own a property for at least six months before they can remortgage.

Kent Reliance's criteria change is designed to help a range of buyers including those who recently purchased a property at auction, or have bought a property where a standard mortgage was not initially possible.

Mortgage lending can be based on current property value if the verified works have been carried out and evidence provided. If not, the loan will be assessed at the initial purchase price.

There is a maximum 75% loan-to-value and borrowers will need to be on the voters roll for residential applications. Standard product pricing applies.

The criteria is not available for new-build purchases that are less than two years old from the date of practical construction which have not been lived in.

Aaron Strutt, product director at Trinity Financial, says: “This option helps cash buyers who were previously unable to access a mortgage and it will help free up capital to potentially make renovations, or fund new projects.”

Kent Reliance will check Land Registry Search to confirm the applicant(s) owns the property and when this is not available request confirmation of the Land Registry submission establishing the purchase, date and price via the acting solicitor.

Call Trinity Financial on 020 7016 0790 to secure a ‘day one’ remortgage