Mortgage Broker
Search Mortgages Direct
Independant mortgage broker Why use Mortgages Direct

Whole of mortgage market.
Exclusive mortgage schemes that are only available through mortgage brokers.
NO BROKER FEES under any circumstances
buildings insurance Buildings and Contents

Compare buildings and contents insurance
Immediate cover available
Apply on-line
Independant mortgage broker Life Cover

Compare life assurance from all major insurers
Critical illness options
Apply on-line
 
Mortgage Lending criteria

Mortgage Lending Criteria - Kensington

Kensington


Notes: The following information is general and may not apply to your mortgage. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

back to mortgage lenders


Mortgages

Advances
Upto 1,000,000 75% LTV

Notes
Mortgage NOT portable
If you move house, you must repay the loan together with any early repayment charges and fees.

Application to be submitted to Kensington online.

LIBOR Floor 1.00%. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

Where all or part of the loan is on Interest Only the Interest Only element is limited to 50%. The method and full details of repaying the capital must be declared and acceptable to Kensington.

Free Valuations, the valuation fee is not applicable but the 100 Admin fee is still payable.
Kensington will cover the cost of one standard valuation of your property in England and Wales only.

The valuation is in order to assess the suitability of your property as security for Kensington's mortgage and will not be a detailed survey.

If you would prefer a full survey of the property, you will need to arrange this directly with a surveyor and the cost of this will need to be met by you.

You can repay all or part of the Loan at any time before the end of the Term in accordance with the Conditions. However, if you do repay all or part of the Loan before the end of the Term (by making either lump sum or regular overpayments) you must pay us the amount of (a) the early repayment charge calculated on the amount repaid (as detailed in Section 10 above) and (b) our Expenses in connection with the early repayment (as detailed in the Conditions and our Tariff from time to time).

Any repayment will be credited to your mortgage account on the day that cleared funds are received by us. For the purposes of working out the amount of interest which is owed by you, the Interest for the Interest Period in which the repayment is made will be recalculated and credit will be given for the number of days from receipt of repayment until the end of the Interest Period in which the repayment is received.

This means that you will get the benefit of paying less Interest straight away.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 50% LTV
PEP 50% LTV
Pension 50% LTV
Interest only (no RV) No
With Profits 50% LTV
Unit Linked 50% LTV
ISA 50% LTV
Split Repayment Yes


Fees


Arrangement : varies
Booking : None

Early Repayment Charges
varies

Higher Lending
None

Valuation
Basic:
Free

Min Valuation 90000

For properties valued over 2 million please refer to the Lender for the valuation fee.


Lender Conveyancing Fee - 150.00 Payable on completion. A legal fee paid to your conveyancer before the loan starts which is not refundable. The figure quoted here is an estimate, the total fee may be higher
Redemption Administration Fee - 145.00 Payable on redemption.
Telegraphic Transfer - 35.00 Payable on completion.
Deeds Release Fee - 45.00 Payable on redemption.
Administration Fee - 100.00 Payable upfront.

Acceptable Property Types



Freehold Flat No
Purpose Built Flat Yes
Converted Flat Refer
Flat Over Shop No
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched Refer
Timber Framed Refer
Concrete No
Agricultural Tie No
Flat Over 4 Storeys No
Listed Building Refer

Not Accepted
New Build acceptable. Minimum valuation 90,000 (120,000 for new build flats)

Builder deposits up to 5% are accepted. The builder must be a major national or regional NHBC registered company.
Vendor deposits not accepted. Kensington will not be considered on shared ownership properties, freehold flats and maisonettes, flats above commercial properties, some properties of concrete construction, properties deemed defective under the Housing Defects Act 1984 and Housing Act 1995, properties containing mundic block materials and properties with agricultural restrictions Kensington will lend up to 65% LTV on Wimpey No Fines & Laing Easiform houses.


New build maximum 85% LTV (75% on flats)

Ex-Council Flats not accepted

Accepted Locations : England, Wales

Requirements


Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan 25,001
Max Loan 1,000,000
Max Portfolio of BTL Loans none
Min Age 21 years
Max Age 65 years
Min Term 5 years
Max Term 30 years
Application to be submitted to Kensington online.

Full Status - Employed
Minimum months in current position 3

Self Employed



Applicants who are sole traders or those holding 25% or more of a company’s share will be treated as self employed. If self employed, ideally a 3 year net profit history is required but a minimum of 1 year’s trading history is acceptable. Verification will be required by a qualified accountant/book keeper who will be required to provide latest finalised accounts or SA302. The Accountant/ Book keeper must be registered with an acceptable professional body (ACCA, ACA, CIMA, CIPFA or ICB). The applicant’s proportion of the last year’s net profit figure will be considered when assessing affordability, unless when a Director of a limited company where only the salaried income plus dividends received will be considered when assessing affordability.
A full credit bureau search will be conducted on all applicants.

The property must be adequately insured under an acceptable insurance policy.

The property must be adequately insured under an acceptable insurance policy in accordance with the Conditions. Fees may be payable if you rearrange insurance during the Term as set out in the Conditions and Tariff from time to time.
Foreign Citizens Refer
Ex-Patriates Not Accepted

Income Multipliers



Based on Income > 0
9.99 + 9.99 or 9.99 joint

Min months in current position 3
Min months in continuous service 3
Min no. of years accounts 1
Average years taken to calculate income 1
Will consider declining profit No

Outgoings
Minimum income is 18,000 single and 25,000 combined for joint applications.

For self employed via a limited company we will accept salary plus dividends.

Lending in Probation period is not acceptable.

Minimum income(s) must be from a single source e.g. one employer or one self-employed activity. However when minimum income has been met all forms of additional income (as specified above) will be considered towards this application. Please refer to lender for additional details”.

Max % taken of other regular/irregular (bonus, commission, second income an overtime) income is 100%


Hire Purchase Refer to lender
Personal Loans Refer to lender
Overdraft Refer to lender
Credit/Store Cards Refer to lender
Child Maintenance Refer to lender
Child Education Refer to lender

Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular Add 100% to income before multiply
Investment Income Add 100% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension Add 100% to income before multiply
Car Allowance Add 100% to income before multiply

Remortgage



Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes 75%
Divorce Settlement 75%
Unencumbered 75%

Adverse Credit


CCJs/Defaults : Accept:
1) There must be no Defaults in the last 24 months. This condition does not incur any rate loading.
2) There must be no CCJs in the last 24 months. This condition does not incur any rate loading.

Ignore:
1) CCJs registered 24 months ago or over.
2) Defaults registered 24 months ago or over.
Arrears : Accept:
1) No arrears (paid or unpaid) in the last 24 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.

CCJ - 0 in the last 24 months (all CCJ’s must be satisfied).
Defaults - 0 in the last 24 months.
Arrears - 0 in the last 24 months.
Unsecured Credit Information - Max Credit Report status of 2 on any individual agreement in last 12 months. Up to date.


November 2013