Intermediary FAQs
What types of mortgages are available?
Prime
We offer a full range of Prime mortgage products which include features like Day 1 Self-cert to 75% LTV, Buy to Let for up to 10 properties at 85% LTV, and lending on up to 4 x income for single applicants and 3.3 x income for joint applicants up to 85% LTV on Prime Verified.
How can I produce a Key Facts Illustration?
You can obtain a KFI from our Key Facts Illustration Generator which will show the interest rate and the monthly payment for the particular product. Alternatively, you can use the product selector which will generate a list of products which you can then choose from to find the product that best fits your customer's particular needs.
How do I obtain an application form and/or product literature?
To obtain an application form and/or product literature, visit our
Brochures & Forms
section. To order printed copies of our literature please complete our
Stationery Order Form (PDF)
.
Do you have Early Repayment Charges?
If the mortgage is repaid within the early repayment period an early repayment charge will be payable. If the loan is redeemed outside of the early repayment period, interest will be payable until the end of the month in which the loan is redeemed.
Early Repayment Charges - % of amount redeemed:
Prime
Detailed in Year 1, Year 2 and Year 3
Are your mortgages portable?
Our mortgages are not portable. However, early repayment charges can be refunded under certain circumstances.
Is there a Completion Fee to pay?
Prime
Completion fee of £1999 for all products, which can be added to the loan above the maximum LTV.
Do you charge a Higher Lending Fee?
No, we do not impose such a charge on our borrowers.
What are your procuration fees?
Prime
For our
Prime
product range, brokers coming direct to Kensington will be paid up to 0.40% of the loan amount on Self Cert, Buy to Let and Verified.
Packager Fees: If your preferred submission route is via a packager, please contact them for their individual fee scales.
On what basis can loans be repaid?
Loans can be repaid on a capital repayment or interest only basis, or a combination of both of these methods. Borrowers must make sure that they can repay the loan at the end of the term if opting for interest only payments.
What interest rate options are available?
The variable rate payable varies from product to product.
How is interest calculated?
Interest is calculated daily and charged monthly in advance. Payments are collected by direct debit via a UK bank account on the last working day of each month. The Key Facts Illustration will detail the monthly payments.
Do you accept all types of property?
Prime
Loans will not be considered on shared ownership properties, Right to Buy within pre emption, freehold flats and maisonettes ex-local authority flats and maisonettes, flats above commercial property, most properties of concrete construction*, properties deemed defective under the Housing Defects Acts 1984 and Housing Act 1985, properties containing mundic block materials, properties with Agricultural Restrictions, high rise flats above 5 storeys, studio flats, and leasehold properties with less than 35 years remaining at the end of the mortgage term.
*Please note: We will accept Wimpey No Fines and Laing Easiform houses (not flats) up to a maximum LTV of 80%. Laing Easiform properties must be dated 1945 onwards.
New Builds. The following restrictions apply for over 75% LTV on all new builds:
(i) Properties which have never before been owned by an individual (new build) are not acceptable.
(ii) Non new build properties must have had at least one previous owner for a period greater than six months.
Note: Prime range – the LTV for New Build properties is restricted to 75% LTV.
What are the minimum and maximum terms?
The minimum term is 5 years and the maximum term is 30 years.
What are the minimum and maximum ages?
Prime product range - the minimum age is 21 years and the maximum age is 75 years at the end of the mortgage term.
What insurance policies do borrowers need?
It is a condition of any Kensington mortgage offer that borrowers have adequate Buildings Insurance cover in place to protect the full rebuild value of their property. We also suggest that borrowers should consider taking Contents Insurance. Our customers are free to obtain their insurance from a company of their choice, however for those arranging their own buildings insurance a one-off fee of £40 may be charged. This fee covers the cost of administration work involved in checking that the insurance policy is adequate to protect the property. Kensington only offer
Home Insurance
Do you provide Home Insurance?
Yes, we offer comprehensive and competitively priced Home Insurance for our customers.