Major Changes at Kent Reliance for Intermediaries: Key Dates and Details
When New Applications Will Stop: Important Deadlines for Kent Borrowers
Kent Reliance for Intermediaries (KRFI) has announced it will no longer accept new mortgage applications from 1st June 2025. This change includes key mortgage products such as buy-to-let, residential, shared ownership, and further advances. Existing applicants with submitted cases before this date will continue to be processed under the current terms.
Which Mortgage Products Are Affected?
KRFI is ceasing new business on its range of mortgage products including:
- Buy-to-let mortgages
- Residential mortgages
- Shared ownership mortgages
- Further advance products for existing customers
If you are currently considering applying for any of these through KRFI in Kent, you will need to act before the June deadline or explore alternative lending options.
What Happens to Existing Applications?
Applications submitted before 1st June 2025 will continue to be assessed and progressed as usual. KRFI assures current applicants and customers that there will be ongoing support and service for the foreseeable future.
Continued Support for Current Kent Reliance Customers
Current borrowers with KRFI mortgages can expect to receive uninterrupted service. Product transfers, further advances, and staircasing for shared ownership mortgages will maintain their existing processes. Customer service teams remain available for any mortgage account queries or support.
Understanding the OSB Group’s Strategic Realignment
Introducing Rely: A New Focus for Buy-to-Let Lending in Kent
Kent Reliance operates as part of the OSB Group (OneSavings Bank). The Group recently announced a new brand called Rely, which will specialise in buy-to-let lending. This brand aims to leverage new business opportunities and offer tailored mortgage products to property investors within Kent and across the UK.
Precise Takes the Lead for Residential and Bridging Finance
On the residential side, OSB Group is introducing Precise as the brand focusing on residential mortgages and bridging finance. Precise intends to provide competitive products for Kent homebuyers, including first-time buyers and those seeking residential lending solutions.
The Bigger Picture: Why This Shift?
This realignment allows OSB Group to concentrate product offerings under specific brands, aiming for greater efficiency and focused customer service. While KRFI will no longer accept new mortgages, the Group will continue to serve the Kent market through Rely and Precise.
Local Impact: How These Changes Affect Kent’s Property Market and Residents
Guidance for Kent Homebuyers and First-Time Buyers
Kent residents looking to purchase their first home should take note. KRFI’s exit from new residential lending means first-time buyers must look to other lenders or to the OSB Group’s Precise brand. Precise is developing mortgage products with competitive loan-to-value ratios and income multiples suited for various buyer profiles.
Implications for Kent Property Investors and Landlords
For Kent landlords and buy-to-let investors, Rely will be the main outlet for new buy-to-let mortgages previously offered by KRFI. Rely plans to provide specialist buy-to-let products with flexible criteria designed to suit experienced landlords as well as portfolio investors.
What This Means for Local Mortgage Brokers in Kent
Local brokers servicing Kent’s property market are adapting to this change by establishing closer ties with Rely and Precise. Brokers should update their product knowledge and lending panel to include these brands to support clients effectively through the transition.
Potential Effects on Kent’s Housing Market Dynamics
This shift might have mixed effects on the local property market. On one hand, the change could lead to short-term adjustments in lending availability through KRFI’s previous channels. On the other hand, with Rely and Precise expanding their offerings, Kent borrowers and investors may benefit from a more tailored and competitive mortgage market moving forward.
Navigating Your Mortgage Options in Kent: Next Steps and Resources
If You’re an Existing Kent Reliance Customer: Your Options
If you hold an existing KRFI mortgage, you should continue to manage your loan as usual. For any planned further advances or changes, you can contact KRFI customer service. For new borrowing needs, consider products offered by Rely for buy-to-let or Precise for residential lending.
Seeking a New Mortgage in Kent: Exploring Alternatives
Homebuyers and investors in Kent looking for a mortgage should consult local brokers familiar with the current landscape. Besides Rely and Precise, other lenders may offer competitive products suitable to your needs. Early engagement with a mortgage adviser can help identify the best options.
Where to Find Local Expert Mortgage Advice
Kent has a strong community of experienced mortgage brokers and financial advisors. Many have already aligned with Rely and Precise and remain well-informed regarding the OSB Group’s changes. Visiting trusted Kent mortgage advisory firms or searching for brokers specialising in local property finance can provide personalised assistance.
Making Informed Decisions About Your Kent Property Finance
Understanding your mortgage options thoroughly is very important during this transition. Considering factors such as loan-to-value, interest rates, fees, and the specific terms offered by Rely and Precise can help you make sound financial choices. Kentlocal.co.uk is committed to keeping you informed about future developments in local mortgage products and the housing market.
Frequently Asked Questions (FAQs)
Is Kent Reliance Bank closing down entirely?
No. Kent Reliance for Intermediaries is stopping new mortgage applications but continues to serve existing customers. The parent OSB Group remains active with its new brands Rely and Precise.
Can I still transfer my existing Kent Reliance mortgage?
Yes. Transfers, staircasing, and further advances on existing KRFI mortgages will continue to be supported.
What are the benefits of Rely for buy-to-let investors in Kent?
Rely focuses exclusively on buy-to-let lending with competitive lending criteria, making it suitable for Kent landlords and property investors looking for tailored mortgage solutions.
How does Precise’s offering benefit Kent residents?
Precise is designed to offer a wide range of residential mortgage products including options for first-time buyers, with competitive loan-to-value ratios and flexible income multiples.
Where can I find a local mortgage broker familiar with these changes?
Contact local mortgage advisory firms in Kent or search online for brokers who mention Rely and Precise on their lending panels. These brokers will have up-to-date knowledge of the evolving mortgage landscape.
For ongoing coverage and detailed guidance about Kent’s mortgage market and property news, stay connected with kentlocal.co.uk.