Available exclusively through Brightstar Financial, the two-year discount mortgage has an interest rate of 5.49% up to 75% LTV or 5.99% up to 80% LTV.
There is a product fee of 2%, which can be added to the loan, and no early repayment charges.
In addition, Kent Reliance will allow interest only on this deal, subject to evidence of the borrower’s ability to repay the mortgage.
Kent Reliance and Brightstar said they take a holistic approach to reviewing each application, looking at accountant projections for at least the second year, six months’ personal and business bank accounts, and ensure each case has a realistic plan to be able to pay their mortgage.
Andy Golding, CEO of Kent Reliance’s parent One Savings Bank, said: “Where big banks still seem to be reluctant to lend to small and medium enterprises, we’re prepared to help entrepreneurs by taking an experienced and responsible look at their business potential.
“We recognise the huge contribution of UK entrepreneurs and small business owners to getting the economy moving and are delighted to make it easier for them to buy property.”
Rob Jupp, managing director of Brightstar, said: “UK entrepreneurs with tremendous potential are being prevented from moving house or buying a bigger home. Mutual lenders like Kent Reliance are showing maturity and leadership, and we are delighted to be leading this fantastic project for them.”
