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9 things you didn't know about Kensington


Our approach to specialist lending is often epitomised by our ability to make lending decisions beyond a credit score and our willingness to loan on 100% of bonus income. There are many other key factors that make Kensington the first choice in specialist lending, so to highlight just a few we have compiled a list of nine things you may not know about us.

1. Kensington Let to Buy mortgages

With house prices now rising across the country, some of your clients may want to keep their existing property as an investment when they move home.

Kensington offers Let to Buy mortgages across its Buy to Let range. Plus, unlike some lenders, we will consider a Let to Buy mortgage on the existing property as well as the Residential loan on the new home. In these circumstances, we do not restrict how much we would lend on the Residential mortgage as a consequence of the LTV of the Let to Buy. Both loans would clearly need to fit our criteria, but they will each be judged on their own merit.


2. Lending decisions are not made by a credit score

Automation is great, but it can’t do everything. So, while we use computers, where we can, to make the mortgage application easier, we don’t let them make our lending decisions. We invest in experienced underwriters who are able to take a look at your clients individual circumstances, put them in context against the economic backdrop and make sensible, pragmatic lending decisions based on their future ability to repay the loan. Sometimes our computer will say no, but only when your client’s circumstances are clearly outside of our criteria. If it’s a good case, we’ll consider it.


3. Self-employed affordability can be based on latest year’s figures

We have made a big splash about lending to self-employed people based on one year’s accounts. But this approach doesn’t just help the newly self employed. It can also be beneficial to your self employed clients whose business is established but growing. If your client had a good year last year and this trend looks set to continue, we can base their affordability assessment on the latest year’s figures, not an average of the previous three years.


4. Sensible repayment vehicles considered by Kensington

Many lenders have clamped down entirely on interest only, but because we individually underwrite every application, we are able to take a closer look at your client’s repayment vehicle. And, if we are happy that it is sensible, sufficient and sustainable, we can lend up to 50% of a property’s value on an interest only basis, and we have the ability to lend on a part interest only, part capital repayment basis up to 85% LTV.


5. Kensington accept gifted deposits

Kensington accept gifted deposits from parents or grandparents and up to 5% LTV builder’s gifted deposit on new homes and flats.


6. Contractor mortgages available

Many lenders overlook a contract workers ability to earn steady wages and struggle to fully assess the income of contractors. But we have a mortgage that calculates income on a current weekly contract over 46 weeks for contractors with a minimum of only 12 months contracting history.


7. Portfolio landlords

We don’t want to restrict your clients’ investments so we have no overall portfolio limit for experienced landlords with many properties. We do, however, limit the number of mortgages a landlord can have with Kensington to 6, or to the value of £2 million.


8. Kensington consider up to 100% of bonus and overtime

Your client might be a workaholic, regularly clocking up overtime, or fantastically good at their job, generating a regular stream of juicy bonuses. Either way, they will want a lender that will consider all of their additional income, not a capped percentage. Look no further than Kensington.


9. Kensington has a new online system coming soon

In just a few weeks time we will be launching a new online portal, incorporating the additional data requirements required by MMR, and featuring new functionality such as improved case tracking, online fee payment and document uploads.


Alex Hammond, Head of Marketing Communications, Kensington


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