Kensington raises maximum loan size amid mortgage criteria changes

April 15, 2016

Kensington Mortgages has announced it will be increasing its maximum loan limit for both first time buyers and buy to let mortgages. Having raised the maximum loan on buy to let mortgages to £1.5 million from £1 million, first time buyer loan values have also now increased to a maximum of £1 million – up from the previous £500,000 limit.

Not only this, Brightstar Financial has become the first distributor to add Kensington to its lending panel, offering all of the lender’s core residential and buy to let ranges, as well as a new 90% loan to value (LTV) residential exclusive product.

Rates on this new product start from 4.89% for a 2 year fixed rate and 5.19% for a 3 year fix.

It seems Kensington is not the only lender reworking its lending criteria and reach this week. Leeds Building Society has also announced it will now be accepting sale of property as a repayment method for some interest only borrowers.

This new method is currently available to those on part interest only, part repayment mortgages at up to 75% loan to value (LTV). This has proved a popular demand of customers looking to remortgage, as it offers the flexibility of paying down the loan in a manageable way for those already on full interest only terms.

Finally, Virgin Money has announced a maximum loan to income multiple of four times for loans over £500,000. However, the lender said this is only expected to impact a very small proportion of its lending, as far as larger loans are concerned, and will continue to offer competitive loan amounts to higher earning customers.

Following other changes that are expected to increase affordability for its clients, this is thought to impact less than 1% of Virgin’s overall lending. The lender will now consider the higher levels of disposable income when assessing affordability for clients with an income above £40,000.

This is a news update from the EnnessPrivate Website. Full report can be viewed here.

Enness Private: We specialise in arranging mortgage loans for individuals from both the UK and overseas, who are either purchasing or refinancing residential or commercial property. Visit the website today for more information: https://www.ennessprivate.co.uk/

 

Enness Private

We arrange large mortgages secured against international property for global individuals.

You May Also Enjoy

Breaking News

Breaking Property News 3/9/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   The imminent interest rate hike is going to be a real reckoner for property   When interest rates rise again, Britain’s housing market will discover what it is really worth   Thought Leadership by Andrew Stanton CEO Proptech-PR For more than a decade, Britain’s housing…
Read More →
Breaking News

Tenancy deposit reform overlooks estimated £750m

As the Government considers reforms to England’s tenancy deposit system, The Letting Partnership is warning that one major question remains almost entirely absent from the debate: what happens to tenancy deposits that are never reclaimed? While current discussions have focused on how deposits should be protected in future, namely custodial vs insured schemes, far less attention…
Read More →
Breaking News

Application to offer in 24 hours with new Barclays Fast-Track Remortgage

Barclays launches first-of-its-kind Fast-Track Remortgage, which can provide eligible customers1 a mortgage offer within 24 hours, and completion in as little as five days Research finds those who have switched lenders are twice as likely to find the process difficult compared to those who stayed with their lender (20 per cent vs 10 per cent)…
Read More →
Estate Agent Talk

Mortgage overpayments in a confident market

Financial experts are encouraging homeowners and first-time buyers to take a fresh look at mortgage overpayments as confidence builds in the UK property market and interest rates begin to ease. With major lenders cutting rates, improved loan-to-value options for buyers, and growing optimism in the 2026 market, mortgage overpayments are emerging as a powerful and…
Read More →
Breaking News

House price growth remained subdued in August

UK annual house price growth remained broadly stable in August at 1.6% House prices were up 0.2% month on month Headlines Aug-26 Jul-26‡ Monthly Index* 550.1 549.1 Monthly Change* 0.2% -0.1% Annual Change 1.6% 1.4% Average Price (not seasonally adjusted) £275,465 £276,581 * Seasonally adjusted figure (note that monthly % changes are revised when seasonal…
Read More →
Letting Agent Talk

What Adds Three Weeks to Leasehold Conveyancing?

As government reforms target a four-week reduction in homebuying times, Konnect You analysis points to management packs, extra lease enquiries, third-party responses and title issues as recurring leasehold bottlenecks. The government is targeting a reduction of around four weeks in the homebuying process through reforms published in June 2026. Its roadmap proposes more property information upfront and recognises that leaseholders can face delays…
Read More →