Kensington revealed that it has increased the maximum loan on BTL mortgages by £500k - now standing at £1.5m. Under the new changes, FTBs can enjoy an increase as well with loan value doubling from £500k to £1m.
Kensington is able to assess affordability Residential mortgages by assessing a range of income sources from self-employed earnings to bonus income and even vested shares. Affordability will be based on the latest year’s salary for self-employed and contract workers, whilst applicants with a strong credit profile will have up to 100% of their earned income assessed.
Steve Griffiths, Head of Sales and Distribution at Kensington, said: “Whether it is for Residential or Buy to Let, larger loans of more than £500,000 are rarely straightforward and often require individual assessment by an experienced underwriter. This approach is central to the way we approach every application we receive, and so it’s great news that we have been able to extend our criteria to larger loans for First Time Buyers and Buy to Let landlords.
Many First Time Buyers looking to borrow more than £500,000 will look to include bonus or self-employed income within their affordability and we have the expertise to properly assess all of an applicant’s income, whether it comes from self-employment, bonus payments or investments.
These are exciting developments at Kensington and there is plenty more to come. We will continue to identify straight forward solutions to complex mortgage applications, and introduce more developments to our products and proposition throughout the year”.
