In a strategic move to bolster their financial offerings, Precise and Kent Reliance, both entities under the OSB Group, have announced significant updates to their buy-to-let and residential product lines. These updates come at a time when the financial landscape is increasingly complex for landlords and homeowners alike.
Precise has notably enhanced its buy-to-let range by slashing rates and expanding adverse credit options. The adjustments see a significant reduction in the current Tier 1 80% Loan-to-Value (LTV) buy-to-let rates by 50 basis points. Additionally, Precise has reinstated its Tier 2 and Tier 3 buy-to-let products, with rates starting from 5.19%, catering to landlords who have faced credit challenges in the past.
Adrian Moloney, Group Intermediary Director at OSB Group, highlighted the importance of these changes, stating, “These buy-to-let changes reflect the challenges that UK Finance highlighted in their Q4 results which showed that a percentage of landlords as well as homeowners were struggling with their finances. As well as reducing rates, we’ve widened our acceptable adverse criteria on buy to let properties with Tier 2 and Tier 3 products which firmly establish Precise’s position as a specialist adverse lender.”
Furthermore, Kent Reliance for Intermediaries has revitalised its product portfolio with new offerings and rate reductions across its residential, buy-to-let, and shared ownership ranges. Noteworthy changes include the relaunch of the Income Flexibility and Extra Flexibility residential ranges and a 50 basis point reduction on selected buy-to-let rates. These updates are designed to provide customers, including those needing greater income flexibility or those with unique credit profiles, with more versatile financial solutions.
Moloney expressed the intent behind these updates: “With the current economic backdrop, we were keen to provide some positive product options for brokers as we understand the challenges they are facing across the board. At the end of the day, there are always clients wanting to transact, whether it’s for the next step towards a family home or an investment property so it’s important as a lender that we listen and adapt accordingly.”
Wayne Gray, Managing Director at DMI Finance, welcomed the updates, particularly praising Kent Reliance for Intermediaries for their support and flexibility. “These products and reduced rates will certainly be welcome news, especially for our residential clients who need just a little more flexibility in order to secure their dream property,” he said, also commending the award-winning Business Development Manager (BDM) team at Kent Reliance for their invaluable support in navigating complex cases.
These announcements signify a proactive approach by the OSB Group to address the nuanced financial needs of their clients, reinforcing their commitment to offering tailored, supportive financial solutions in a challenging economic climate.
