Introducing Rely: What Landlords Need to Know About OSB Group's New Buy to Let Mortgage Brand

What is Rely and Why Does it Matter?

OSB Group, a major player in the UK mortgage market, has introduced Rely, a new buy to let (BTL) mortgage brand designed specifically to support property investors and brokers. The launch of Rely replaces the previous Kent Reliance for Intermediaries brand, signalling a fresh approach with streamlined application processes and products tailored for landlords.

For landlords, particularly those managing multiple properties or HMOs, mortgage application complexity and paperwork can be a significant operational hurdle. Rely aims to reduce these frictions, offering a more efficient way to secure financing.

Practical Implications for Landlords

Simplified Application Process: Rely’s platform is designed to cut down on paperwork, speeding up approvals and reducing administrative burden. This is particularly beneficial for portfolio landlords who often juggle multiple applications simultaneously.

Tailored Products for Investors: The brand offers a range of products focused on investor needs, potentially including competitive rates, flexible terms, and options for HMOs or multi-unit purchases. While full product details will emerge as Rely establishes itself, the emphasis on investor-specific lending criteria is an encouraging sign.

Transition from Kent Reliance: Brokers and landlords should note that the Kent Reliance for Intermediaries brand is being retired. This may affect existing mortgage arrangements or future dealings, so it’s important to understand how Rely’s terms compare.

What Landlord Profiles Should Consider

• Single-Unit Landlords: Even landlords with one property can benefit from faster, less cumbersome mortgage applications. Consider whether Rely’s products offer better rates or terms than your current lender.

• HMO and Multi-Unit Investors: Given the complexities of HMO mortgages, Rely’s tailored approach could be particularly advantageous. It’s worth exploring whether their underwriting criteria and product features better match your portfolio.

• Portfolio Landlords: With multiple mortgages to manage, streamlining paperwork saves time and reduces errors. Engaging brokers familiar with Rely’s platform can lead to smoother refinancing or acquisition financing.

• Accidental Landlords: Those new to buy to let might find Rely’s simplified process less intimidating, making it easier to navigate their first mortgage applications.

Recommended Next Steps

1. Brokers: Familiarise yourself with Rely’s platform and product details to advise landlord clients effectively. Attend any training sessions or webinars OSB Group offers to understand the nuances.

2. Landlords: Review your current mortgage arrangements and consider Rely’s offerings as part of your financing strategy. Ask your broker or mortgage adviser to include Rely in their market comparisons.

3. Monitor the Transition: Stay alert to communications about the retirement of Kent Reliance for Intermediaries. Confirm any implications for existing mortgages or ongoing applications.

4. Benchmark Locally: Since Rely is new, local market feedback and broker reviews will be invaluable in assessing product competitiveness. Engage with your local landlord groups or forums to gather insights.

How Rentals & Sales Can Support You

Our team can conduct a comprehensive portfolio review, incorporating an assessment of your mortgage strategy and compliance requirements. We offer bespoke advice on financing options, helping you understand where Rely might fit your needs. Additionally, our compliance audits ensure your mortgage terms align with regulatory obligations and your operational goals.

Compliance Disclaimer

This article is for informational purposes and does not constitute financial advice. Landlords should consult a qualified mortgage broker or financial adviser before making lending decisions.