Kent Reliance launches new mortgage for self-employed professionals

Kent Reliance launches new mortgage for self-employed professionals




Kent Reliance has revised its residential mortgage criteria for self-employed applicants.

Kent Reliance has revised its residential mortgage criteria for self-employed applicants.

The lender will now consider applications from professional, self-employed applicants who have been trading for a minimum for 12 months, reduced from 36 months.

Adrian Moloney, Director of Sales at Kent Reliance for Intermediaries, said: “The self-employed are making up an increasing proportion of the modern workforce. Despite the financial success of many within this group, this hasn’t yet been reflected in the mortgage market.

“We are looking to change this, supporting self-employed professionals, and their brokers looking to place these cases.

“We’ve had feedback from brokers that they find these type of loans especially hard to process, so we are widening our criteria to increase our flexibility in this market, which will aid both distributors and their clients.”

Professional, self-employed applicants applying for standard residential mortgages will be subject to the following criteria:

·         Income to be based on the finalised accounts prepared by the accountant acting for the business who must be suitably qualified

·         Projection for second year income must be provided by the accountant

·        Applicant must have a minimum 12 months previous track record in the same sector as their current business, and this must be evidenced by proof of previous PAYE income

·         Maximum LTV of 85%

·         3 months personal and business bank statements must be provided

·         Self-assessment returns or SA302 are not accepted as proof of income

·         Income will be verified by means of an accountant’s reference

 

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