OSB resume ‘business lending’ with new range of ...

The OneSavings Bank Group (OSB) has returned to lending with a range of new mortgage products.

The buy-to-let specific deals are available through Precise Mortgages and Kent Reliance, both of which are owned by OSB, and are available at up to 60% loan-to-value.

The move comes after the lenders were able to launch the products after working extensively with their panel partners in order to find a desktop valuation solution.

Precise Mortgages is offering a 2.99% two-year fixed rate deal along with a 3.49% five-year product. Maximum property value is £600,000 whilst the maximum loan size £360,000.

Meanwhile, Kent Reliance is offering a two-year fix at 3.24% and a 3.59% five-year fix.

A spokesperson for OSB said: “The OSB has resumed new business lending with a new, select range of residential and buy to let products, available for purchases and remortgages.

“Supported by desktop valuations, the product range does not incur valuation or administration fees and can be accessed through its Kent Reliance for Intermediaries and Precise Mortgages trading brands.

“InterBay Commercial will continue to focus on processing pipeline buy-to-let applications that have a physical valuation in place and will not be accepting new business lending until further notice.

“Following the government restrictions, physical property valuations still remain unavailable. However, OSB has been working hard on solutions for its intermediary partners and their customers by working closely with our valuation panel partners to provide desktop valuations on the select new range of residential and bu-to-let first charge mortgages. Also, where possible, apply the desktop valuations to existing pipeline cases if the new criteria is met.

“Whilst desktop valuations place a limit on what applications can be considered and may increase processing time, these cases will have the benefit of being managed by our internal teams who are in close contact with all areas of the business.”

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