Welcome to K-hub

K-hub is a dedicated information and service space where you can view our weekly service levels, support guides, handy reminders and general updates. Our new hub has been created to help you place your cases as easily and as quickly as possible. We’d love to know your feedback so if you have any comments or there’s something you’d like more information on, have a chat with your local BDM.  

Our service levels

Average broker experience as of 16/05/2022

 

Flexi Fixed For Term
Flexi Fixed for Term is here!

Our new mortgage lets your clients fix their mortgage term from 11 to 40 years, and pay a single fixed monthly payment that will never change.

Discover more
Flexi Fixed for Term criteria webinar

Craig McKinlay and Eloise Hall presented the key criteria and product specifics on this recent webinar, as well as answered some top FAQs.

Watch it here
Flexi Fixed for Term FAQs

We’ve put together a detailed set of FAQs to answer any questions you may have about our new Flexi Fixed for Term mortgage.

View FAQs

 

Our latest updates:
Meet Tweetie & Co

The stars of our new ad campaign, these pets highlight how their owners (your clients) were helped by our innovative mortgage solutions.

If you haven't seen our ad, you can watch it here.

Discover more
eKo £1,000 cashback updated

Now your clients have more ways to achieve the eKo cashback. They can now qualify by increasing their energy band rating (e.g. moving from D to C). The existing criteria of a 10 SAP point improvement can still be used too.

Learn more
Solutions from the experts to help your customers

Don't worry if you missed our most recent webinar, as you can head over to our YouTube channel to watch the sessions, which included an EPC expert and an update on the self-employed landscape.

Watch it here
Right to Buy is back!

We’ve reintroduced our Right to Buy range with up to 100% LTV of the discounted purchase price.

Find out more
Young Professionals update

Max loan amount £1 million, with rates to 90% LTV and up to 6 x income for your qualified Actuaries, Barristers, Chartered Accountants, Commercial Pilots, Dentists, Doctors & Solicitor clients aged under 40.

Get the detail
Core range now up to 90% LTV

Our LTVs are now back up to 90% for your clients with defaults, Secured Loan Arrears or Satisfied CCJs older than 24 months.

Residential product guide
Northern Ireland update

Great news! We now offer up to 80% LTV for both residential and BTL (some products may vary).

View lending criteria
Shared Ownership

We support the Government’s Help to Buy Shared Ownership scheme, so your client can part-buy and part-rent their next home. Available for up to 95% of client share.

Find out the detail
Income Recovery for the Self-Employed

For clients who have seen a dip in their 20/21 income, we can base their affordability on an average of their last two years’ income.

Income Recovery mortgages

 

Did you know? You can watch all our previous webinars over on our YouTube channel.

 

Handy guides
Low Deposit Scheme overview

This comparison table will help you understand which Assisted Purchase scheme may be best for your clients with smaller deposits.

Low deposits scheme guide
Guide to our application stages

To help you explain to your client the stages their mortgage application goes through once you have submitted their case.

Application stages guide
Credit history criteria guide

Download our simple one-page guide to get all the information you need to know about our criteria on CCJs, arrears, defaults and more.

Credit history criteria guide
Residential packaging guide

We’ve put together a handy check list so you know what documents we require for your Residential applications.

Residential packaging guide
Buy to Let packaging guide

We’ve put together a handy check list so you know what documents we require for your Buy to Let applications.

Buy to Let packaging guide
Source of deposit

To help your clients provide you with the correct information to place their cases, just click the link below for our guide on Source of Deposit requirements.

Source of deposit guide
Bank statements

We’ve outlined when and why we’ll need to see bank statements. Simply click below and search for 'bank statements' in our handy Lending Criteria tool.

Bank statements guide
Clearer criteria for the self-employed

Based on your feedback, our self-employed criteria now supports clients who have received government support during the pandemic. Download our guide to see what we can accept as income evidence.

Self-employed income guide

 

YOUR QUESTIONS ANSWERED:  COMPLEX CRITERIA

Declan Walsh, Head of BDU, answers the 5 most commonly asked complex criteria questions.

The standard criteria is that we will accept 50% of variable income. In certain cases, depending on the strength of the application, we’re able to consider 100% of variable income as long as this can be verified to establish sustainability. The underwriter would request the last 3 months payslips & the most recent P60. The previous P60 may also be requested.

For contractors, we accept ‘the day rate’ x ‘the number of days worked per week’ x ‘48 weeks’. To verify the income we require a copy of current contract together with evidence of a previous contract & the latest personal bank or business statements showing at least one salary credit.

I would say we do not top slice in the traditional sense. The way it works is if the client has surplus personal income or surplus portfolio rental income this can lower the rental calculation that is used. As an example, if a client is a higher rate taxpayer the rent needs to cover the monthly payment 145% (i.e the rental income needs to be 45% more than the monthly mortgage payment). If there is a surplus portfolio rental income, then the system will look to reduce this coverage to a minimum of 125%.

It is worth noting that if undertaking a client’s personal BTL decision in principle (DIP) the system can take into consideration the client’s personal commitments which can affect affordability. This would only be determined at DIP stage, so I would suggest completing a DIP in this instance.

We instruct the valuation on the first day that the underwriter reviews a case, this ensures we can get your application converted to a mortgage offer as quickly as possible. To help us with this process, please ensure, along with the initial documents, the valuation fee (where applicable) is paid.

Where a gifted deposit is being provided, we can accept up to 3 separate sources. We have a gifted deposit template on our website which must be completed and signed by the person providing the gift. We will also require a copy of their ID along with evidence of funds. However, if the gift is under £10k we don’t need to evidence these funds in an account. We require relatives to own their own property in the UK before we can accept a gift from them.

 

Good to know
Discover our New Build offering

From Shared Ownership, to Help to Buy, to our New Build eKo Reward mortgage. We have a range of products and criteria to support your clients purchasing a new build property. Find out how we can help in our summary.

New Build summary
'No change declaration' template

This template makes it simpler for you if your clients’ offer needs to be extended and there have been no changes to their circumstances since their signed declaration.

No change declaration form
Talk to us via webchat

Got a complex case? Chat to a member of our team through webchat on our Lending Criteria Digital Assistant. Available Mon-Fri 9am to 5pm.

View criteria and start chat
Electronic signatures now accepted

We can now accept digital signatures on the Customer Declarations and Consents form for all applications.

Submit a case
Stamp duty holiday

Our Stamp Duty Holiday guide includes hints, tips and an FAQ section to help speed up your cases.

Stamp duty guide
Transitioning away from LIBOR

We've pulled together some FAQs to explain to existing customers how we'll be transitioning away from LIBOR. Find them on the link below under the 'Rates, fees and charges' tab on our customer website.

LIBOR transition FAQs

 

Portal help
Portal tip

A quick reminder not to press the 'refresh' button when you’re using the Case Summary screen as you will temporarily lose your portal messages and have to log back in to reinstate them.


Limited Company applications

On Buy to Let Limited Company applications, the Direct Debit must be completed using the Limited Company name and bank details. Please also ensure that the bank details are correct so that the first payment can be taken as scheduled.


Tip: Landlord references

Remember to include the email address of your client's landlord or letting agency. Providing this means we can apply for references as soon as possible.


 

Product showcase: features and benefits

We’ve made it easier for you to understand the key features and benefits of some of our popular mortgage products.

eKo Cashback

Free valuations on purchases

Free legals on remortgages

£1,000 cashback on qualification of home improvements

High LTV First Time Buyer

Free valuation and no completion fee option

Low or limited credit scores considered

Communication defaults ignored

Heroes & Young Professional

Enhanced affordability

Overtime and second job income accepted

Debt management plans considered

Larger Loans

1-year fixed term product available

Interest-only up to 75% LTV with option to top-up with Capital and Interest

Up to 100% variable income considered

 

Don't just take our word for it
Here’s what brokers say about Kensington

 

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Kensington and Kensington Mortgages are trading names of Kensington Mortgage Company Limited (registered in England & Wales No. 03049877), which has its registered office address at: Ascot House, Maidenhead Office Park, Maidenhead SL6 3QQ.

Kensington Mortgage Company Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 310336). Some investment mortgage contracts are not regulated by the Financial Conduct Authority.