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Our mortgages come with lending criteria that’s designed to be as flexible as your client needs it to be. And now, with our new range of Young Professionals and Later Life lending to complement our existing Select, Core and Options products, they also make it easier for you to tailor our mortgages to meet the needs of your clients at every stage of their lives.
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Self Employed based on 1 years accounts
Enhanced affordability for Higher Earners and Young professionals
Underwriter decision – not automated score
LTVs to 95%
Sales executives whose annual salary is made up of a high proportion of commission
NHS professionals working extra shifts in the private sector or on a contractual basis
Full time office workers with part time second jobs
Business owners and entrepreneurs, workers in the gig economy
Bank workers whose bonus package includes vested shares
Regular overtime accepted
Vested shares accepted
Second job income accepted
Regular performance bonus accepted
Investment income accepted
Pension income accepted (see Lending Criteria)
When your client has more than one source of income, while other lenders may see complexity; at Kensington, we see an opportunity to help. Our underwriters give each application the time it deserves, assessing each case and using their expertise to build the bigger picture so you can find the mortgage that’s right for your client. And whether it’s their first home or last, we use human insight to make our decisions rather than just relying on machines.
Contractors of any profession
Contractors who have switched from salary to contract in the same sector within the last 12 months
Contractors with historic credit issues
Income calculated on current weekly contract x 46
Only 12 months’ contracting history required
Could be less than 12 months if contract is within an existing profession (see Lending Criteria for full details).
No minimum income level required (verification would be required for residential applications)
If there’s ever a time when your clients need a mortgage lender that’s going to be flexible, it’s when they’re contracting. The combination of lending criteria designed to be flexible with the expertise of our underwriters means that we can offer mortgages that meet the specific needs of those who prefer to contract.
Customers in performing debt management plans (active for the past 12 months)
Clients who have experienced a life event, such as divorce, illness or redundancy
People who have disputed a bill with a provider and pick up a blip on their credit record
Borrowers with thin credit files
Unsecured payments missed (see full lending criteria for details)
Defaults (see Credit History section of the Criteria Guide for full details)
All communications defaults disregarded for underwriting purposes
Historic CCJs considered
There are many reasons why your clients may have a low credit score which is why we don’t just look at the financial difficulties they may have experienced in the past. Our underwriters are trained to look beyond failed credit scores to gain a deeper understanding of your client’s circumstances so that you can help them find the mortgage that’s right for where they are today.
Contract workers with a 12 months history
Those wanting to include bonus or overtime in their affordability assessment
Those with a small credit ‘blip’ on their file
Loans available up to 90% LTV, including New Builds
Help to Buy equity loan (England, Wales & Scotland for purchases and remortgages)
Gifted deposits from immediate family members accepted
Loans available up to £1 million
If your client is looking to buy their first home but doesn’t fit the criteria of other lenders, our flexible lending criteria can make a mission impossible, possible. We use human underwriters to give us a more in-depth understanding of each mortgage application which means that we can consider your clients even if they only have a 5% deposit, a year’s history as a contractor or a small credit ‘blip’ on their file. Find out more here.
First time buyers or home movers looking to buy a new build property
People who have failed a credit score check
Employed, Self-Employed and Contractors of any profession
People with multiple sources of income such as bonuses
Open on a repayment basis only, to first time buyers or home movers buying a new build property
Maximum property value £600,000 in England or £300,000 in Wales
Purchase only
Max LTV of 75% applicable
We support the Government’s Help to Buy Equity Loan scheme which enables buyers with a deposit of at least 5% to purchase a new build home. Help to Buy Equity Loans are available in England (including the London scheme), Scotland and Wales, on both purchases and remortgages. It’s just one of the ways we want to help your clients get on the housing ladder.
Borrowers 55+
Borrowers who wish to take their mortgage into retirement
Borrowers who wish to take their mortgage beyond the age of 75
Offered on a 2, 5 and 10-year fixed rate
Products available for up to 70% LTV on a repayment basis
Maximum age at end of term 90
Shorter 5 year ERC on 10-year products
Our Later Life mortgage range caters for your clients who are over the age of 55 and want to take their mortgage into retirement and beyond the age of 75. The mortgages are available with two, five and ten-year fixed term rates, and up to 70% LTV on a repayment basis, with a maximum age of 90 at the end of the term.
New and existing business owners
Entrepreneurs whose business profits have fluctuated
Max LTV: 90% New Build Houses and Flats
Up to 5% Builders Deposit accepted
Minimum trading period for Self Employed and Contractors only 1 year (If over 85%LTV, minimum of 2 years trading will be required)
Maximum Loan £2 million (maximum 80%LTV)
Failed Credit Scores considered
Sometimes only new will do, and when your client is looking to buy a new build home that’s where we come in. Our New Build Residential mortgages are designed for clients who have a broad range of needs and circumstances, from self-employed contractors, to those with low credit scores.
First time buyers looking for a loan up to £1m (£2m for subsequent buyers)
Business owners whose earnings have grown in the last year
Company Directors who choose to retain profit within their business
Sales and bank workers earning significant commissions
Loans up to 90% LTV
Loans from £500k to £2m
First Time Buyer mortgages up to £1m
Interest Only available to borrowers with a plausible repayment strategy
Up to 100% variable income may be considered
Can include company profit for sole director
Our Premier mortgage range was created for those clients looking for a higher value loan from £500k to £2m. Our underwriters will personally call you to discuss your client’s application and build a detailed understanding of their income. One of the best things about Premier is that it offers a range of options which allows us to include a number of income sources such as bonus payments, latest figures for self-employed applicants and up to 100% of earned income.
New business owners
Longstanding business owners
Company Directors who choose to retain profits within their business
Existing business owners who have switched status from sole trader to a Ltd company
Share of net business profits plus salary is considered
Lending decisions considered on 12 months accounts
From kitchen table entrepreneurs to fledgling business owners and established company directors, our mortgages for business owners offer flexible lending criteria so you can work with your client to find the mortgage that’s the best fit not only for their circumstances, but their needs too.
Clients purchasing their property from a council or a housing association
Up to 100% LTV of the discounted purchase price
Up to 75% LTV open market value
Re-mortgage available subject to 12 months’ ownership
Our Right to Buy Mortgages help turn tenants who live in Housing Association or Council Homes into home owners. Available to employed or self-employed buyers for up to 100% of the discounted purchase prices, they come with a choice of two, three and five-year fixed rate options at up to 75% LTV of the open market value. And we also offer free valuation and no completion fee options.
Solicitors & Barristers
Doctors & Dentists
Actuaries
Chartered Accountants
Commercial Pilots
Enhanced affordability
Product rates and criteria mirror the Select range
Joint applications minimum income £50k
Single applicants minimum income £35k
Loans available up to 90% LTV on Select range
Our Young Professionals mortgages are tailored to meet the needs of your clients who are qualified doctors, dentists, solicitors, chartered accountants, actuaries, barristers and commercial pilots. We recognise that careers like these have greater earning potential than other professions so we’ve tailored our lending criteria to include enhanced affordability. To qualify for the Bright Futures mortgages, your clients need to be registered with the appropriate UK professional body and practicing in their specific field.
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