Mortgage News
Kensington launches self-employed loans
Kensington has launched a prime mortgage product range of two and three-year fixed- rate mortgages which are designed to help self-employed borrowers gain access to the market.
The new products at 80% LTV are a two-year fixed rate at 5.69% and a three-year fixed rate at 6.09%.
At 75% LTV, the lender is offering a two-year fixed rate at 4.99% and a three-year fixed rate at 5.39%. All deals have completion fees of £999.
Charles Morley, head of sales and product development at Kensington, said the bank will make decisions to lend based on an individual customer basis and not a credit score.
He added: “This means we are well positioned to consider self-employed borrowers, people who receive regular bonuses or overtime and customers whose circumstances are too complex to meet the rigid criteria of an automated system.”
The products will be available to appointed representatives of networks including Legal & General, Openwork, Pink Home Loans and Personal Touch Financial Services.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore
Kensington also announced plans to launch more products in the next few months.
Darren Cohen, mortgage consultant at LRG, said more products which could help self-employed people were sorely needed in the market.
He added: “The rates are not that fantastic, so the main selling point is that the deals will help self-employed people and that Kensington will underwrite on a case-by-case basis. It should also bring more competition to the market.”