Specialist lender Kensington launches Premier range
Kensington Mortgages has launched its new Premier Range of higher value mortgages for borrowers who want a large loan and have specialist lending requirements, such as complex sources of income.
The new range is backed by high quality personal service, including a dedicated team of underwriters, who will apply Kensington’s individual, case-by-case approach to lending to borrowers applying for loans above £500,000.
Large loans, low rates
The Premier mortgage range offers loans up to £2m, with a maximum limit of £1m for first-time buyers, and borrowers can take advantage of from lower rates than are available in Kensington’s core range.
The large loans are available up to a maximum 75% of the property’s value, with rates of 3.44% for a two-year fixed and 3.74% for a three-year fixed mortgage. For those with 35% upfront, rates fall to 3.34% for a two-year fixed rate and 3.64% over three years.
All products come with a £999 completion fee.
Premier league service
Kensington’s lending decisions are made by an experienced underwriter, not a credit score, and every Premier range application will receive a call from the underwriter to discuss the client’s individual circumstances.
The specialist lender will consider 100% variable incomes as standard, and will assess self-employed borrowers based on the latest years’ figures. Applicants can also cite a range of income sources, such as company profits for sole directors. Borrowers will also have the opportunity to choose an interest-only repayment option, should there be a plausible strategy in place to repay the outstanding loan.
Steve Griffiths, head of sales and distribution at Kensington Mortgages, said: “Large loans are rarely straightforward and it often takes the involvement of an individual underwriter when it comes to assessing the complex incomes that are often associated with these types of mortgages.
“It has always traditionally been harder for the self-employed or contract workers to obtain mortgages with lenders erring on the side of caution when it comes to complex incomes. We believe that anyone who can afford a mortgage should have the opportunity to do so and should not be penalised for their chosen career.
“It is for this reason that we have launched the Premier mortgage range, bringing Kensington’s 20 years of understanding about real life lending to customers looking to secure larger loans.”
Kensington’s mortgage range is available through mortgage brokers, not directly from the lender.