Kent Reliance increases buy-to-let minimum loan size
Kent Reliance for Intermediaries has increased its minimum loan size for buy-to-let mortgages.
The lender previously had a minimum loan size of £50,000 for all buy-to-let mortgages, although this has been changed depending on the rate you apply for.
In order to qualify for their standard 15% deposit buy-to-let mortgages the minimum loan size will be £100,000. This increases to £150,000 for 15% deposit buy-to-let mortgages without any early repayment charges.
Aaron Strutt, product manager at Trinity Financial, says: “Very few lenders offer 15% deposit buy-to-let mortgages and especially without charges for repaying the mortgage early.
“Kent Reliance has raised their minimum loan size to deter more landlords from buying properties, developing them and selling them on for a quick profit.
“Many of the lenders don’t like the mortgage to be repaid within a few months even though there are no early repayment charges attached to the deal.”
If you would like help to secure a low deposit buy-to-let mortgage, call Trinity on 020 7016 0790.
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