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Kensington doubles maximum loan cap to £1m

by: Mortgage Solutions
  • 19/07/2011
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Kensington doubles maximum loan cap to £1m
Kensington has doubled its maximum loan size to £1 million and its maximum loan for first-time buyers to £500,000.

Feedback from intermediaries drove the move, said Kensington, after requests for a more flexible lending approach for larger mortgages.

Following last week’s move by Kensington to increase its maximum LTV, first- time-buyers are now able to borrow £500,000 at up to 90% LTV. A maximum loan size of £1m is available to subsequent purchasers and remortgage customers at up to 75% LTV, with a £500,000 loan cap above 75% LTV.

Charles Morley, head of sales at Kensington, said: “The income of high earners is rarely simple and often made up of commission, bonus or investment income. A one-size-fits- all approach does not suit these customers, but Kensington’s commitment to individually assessed underwriting means we can consider customers whose circumstances would be too complex for other lenders.”

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