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Kensington launches HNW complex income mortgage range

  • 20/06/2016
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Kensington launches HNW complex income mortgage range
Kensington Mortgages has launched a mortgage range for high net worth borrowers applying for loans above £500,000.

The specialist lender said it had launched the range to cater for borrowers with complex income and higher service expectations.

The Premier range will offer mortgages up to £2m, capped at £1m for first-time buyers. Rates on its premier range are set at lower levels than its core range with loans available at 3.44% for a two-year fixed rate up to 75% loan-to-value (LTV). Further highlights from the range include a 3.64% fixed rate for three-years up to 65% LTV; all products come with a £999 completion fee. Interest-only repayment options will be offered to borrowers with realistic repayment strategies.

To support the application, 100% of variable income will be considered and the latest year’s accounts will be assessed for self-employed borrowers. Company profits for sole directors are considered.

Steve Griffiths (pictured), head of sales and distribution, Kensington Mortgages, said: “As house prices continue to increase, more and more people are looking to take out larger mortgages, particularly when it comes to securing homes in some of the most in-demand areas across the UK.

“It has always traditionally been harder for the self-employed or contract workers to obtain mortgages with lenders erring on the side of caution when it comes to complex incomes. We believe that anyone who can afford a mortgage should have the opportunity to do so and should not be penalised for their chosen career.”

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