"The improvements to the residential maximum loan size and LTV on larger loans are a much-needed solution for brokers and customers alike"
New products launching this week will include an increase in maximum residential loan sizes to £2m up to 80% LTV and £1m at 90% LTV.
As part of the residential loan update, Kensington will offer LTVs of up to 90% on its Select Premier large loan range, in addition to 90% LTV mortgages on new build houses and flats.
Additionally, Kensington will now lend on Right to Buy flats.
Limited company products will be available up to 80% LTV and rates start from 3.14% for a two-year fixed rate at 70% LTV. To support new customers, Kensington says it is also introducing a simpler process for portfolio verification.
Craig McKinlay, sales and marketing director at Kensington Mortgages, commented: “We’re committed to lending for real life at Kensington, and that means serving Britain’s underserved borrowers to meet their residential and buy-to-let needs, whether they are a landlord operating as a limited company or a freelancer with homeownership ambitions. These latest changes to our mortgage proposition reinforces our commitment to a growing specialist lending market as we open up our range to new customers and provide more flexibility for borrowers with complex incomes.
“I’m confident that this extensive update to our residential and buy-to-let proposition will be received positively by our broker partners, but they are also just the first in a series of announcements that we at Kensington are excited to be sharing over the coming weeks.”
Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “It’s great to see Kensington continuing to address gaps in the market and support intermediaries in serving the needs of their customers in both the residential and buy-to-let sectors. The improvements to the residential maximum loan size and LTV on larger loans are a much-needed solution for brokers and customers alike, and we believe the new BTL offering will further act as a helping hand to landlords managing their portfolios.”
