Kensington mortgage lending criteria

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Kensington mortgage lending criteria

Mortgage Advances

Up to £2,000,000

Notes

Illustration Type = ESIS.

Mortgage is Portable

You have the right to transfer this loan to another property. This option is not available in the first 12 months and will be

subject to assessment criteria at the time of application.

- Mortgage is NOT for First time buyers

'' Available in: England, Wales, mainland Scotland and Isle of Wight.

You have an annual overpayment allowance on this loan of 10% of the balance of the original amount borrowed which

applies from the date of completion and then each year on the anniversary of this date until the end of the term. You will

not have to pay an early repayment charge in relation to payments you make within this overpayment allowance. If you

do not use your annual overpayment allowance in any year, it will not be carried over to a subsequent year

Should you decide to repay this loan early, please contact us to ascertain the exact level of any early repayment charge

at that moment.

This mortgage includes a facility for additional secured borrowing.

Capital Rest Period : Daily

Repayment Types

Repayment Yes

Endowment refer

PEP refer

Pension refer

Interest only (no RV) No

With Profits refer

Unit Linked refer

ISA refer

Split Repayment refer

Fees

Arrangement : £ varies Can be Added

Booking : None

Early Repayment Charges

varies, 10% capital repayments allowed per year without penalty

Higher Lending

None

Valuation

Basic:

up to £100,000 - £175

up to £150,000 - £205

up to £200,000 - £240

up to £300,000 - £300

up to £400,000 - £330

up to £500,000 - £355

up to £600,000 - £415

up to £700,000 - £500

up to £800,000 - £555

up to £900,000 - £620

up to £1,000,000 - £710

up to £1,250,000 - £800

up to £1,500,000 - £885

up to £1,750,000 - £975

up to £2,000,000 - £1060

up to £2,500,000 - £1360

up to £3,000,000 - £1660

up to £3,500,000 - £1960

up to £4,000,000 - £2260

up to £4,500,000 - £2560

up to £5,000,000 - £2860

Min Valuation £75000

Redemption Administration Fee - £80.00 Payable on redemption.

Funds Transfer Fee - £18.00 Payable on completion.

Deeds Release Fee - £10.00 Payable on redemption.

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 Yes

Listed Building Refer

Right to Buy

Not Accepted

New Build acceptable.

Accepted Locations : England, Scotland, 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

Min Loan £75,000/Rmg £75,000

Max Loan £2,000,000/Rmg £2,000,000

Max Portfolio of BTL Loans none

Min Age 21 years

Max Age 70 years

Min Term 11 years

Max Term 40 years

ERC waivers – do not incur charges upon:

-Voluntary sale of the property/moving home (all life circumstances)

-Redemption in full and financed by own funds

- Death or Critical Illness

-Overpayments up to 10% per calendar year (of the original balance)

Features:

Portable (after 12 months)

Further Advances (after 12 months)

Application to be submitted to Kensington online.

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

Based on Income > 0

Min months in current position 12

Min months in continuous service 12

Min no. of years accounts 2

Average years taken to calculate income 2

Will consider declining profit No

Outgoings

Employed Requirements - Income is fully verified (in current employment for at least 1 year).

Self-Employed/Contractors Requirements:

a minimum of 2 year’s trading history is required and the lower of:

-the most recent year’s net profit figure; and

-the average of the last 2 years’ net profit figures;

will be considered when assessing affordability.

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

For Directors of a limited company the salaried income plus dividends received will be used, although profit after tax may

be considered where the applicant(s) have a 100% share in the business. Applicants who are sole traders or those

holding 25% or more of a company’s share will be treated as self-employed. Verification will be required by a qualified

accountant/book keeper, who must be registered with an acceptable professional body (ACCA, ACA, CIMA, CIPFA or

ICB).

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 Max LTV Max% increase

Capital Raising 60%

Home Improvements 60%

Debt Consolidation 60%

School Fees 60%

Holidays/Cars 60%

Buy Other Property 60%

Business Purposes Not accepted

Divorce Settlement 60%

Unencumbered 60%

Adverse Credit

CCJs/Defaults : Accept:

1) There must be no Defaults in the last 36 months. This condition does not incur any rate loading.

2) There must be no CCJs in the last 72 months. This condition does not incur any rate loading.

Ignore:

1) CCJs registered 72 months ago or over.

2) Defaults registered 36 months ago or over.

Arrears : Accept:

1) No arrears (paid or unpaid) in the last 36 months. This condition does not incur any rate loading.

Bankruptcy/IVAs : Bankruptcy/IVA not accepted.

Repossessions : Not accepted.

Unsecured Defaults - Defaults acceptable if older than 36 months

CCJ's - Satisfied CCJs acceptable if older than 72 months

Secured Arrears - Secured Loan Arrears acceptable if older than 36 months

DMP - None/not acceptable

Unsecured Arrears - Unsecured Credit arrears acceptable if accounts now up to date (max status of 0 in last 24 months)

Communications Defaults - All communications defaults ignored.

Payday Loans - Not acceptable within last 24 months. Neither new loan nor outstanding

IVA - None/not acceptable

Bankruptcy - None/not acceptable

Previous repossession - None/not acceptable