Kensington raises maximum loan size amid mortgage criteria changes

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

Prime London second property purchases fall by over 50%

The latest research from Jefferies London shows that second home purchases have fallen by 42% across the capital over the last 12 months, with this decline even more pronounced across the prime market at 51%. Jefferies London analysed sold price records from the Land Registry, looking at transactions to have completed over the last year…
Read More
Letting Agent Talk

Letting Agency Owners: Are You the Bottleneck in Your Business?

As a letting agency owner, it’s easy to fall into the trap of wearing too many hats. But it’s not just exhaustion and burnout you need to worry about – it’s the impact it’s having on your bottom-line. Guest Blog By Sally Lawson – Agent Rainmaker “From managing client relationships and handling operations, to overseeing…
Read More
Breaking News

Latest developments in Renters’ Rights Bill: What landlords need to know

On the brink of becoming law, the Government last week rejected the majority of amendments put forward by the House of Lords, which would have mitigated the severity of some of the amendments. Property professionals, landlords and tenants are poised to navigate this once-in-a-generation overhaul of housing legislation.   Lucy Jones, Chief Operating Officer at…
Read More
Breaking News

What Will Commonhold Mean for Property Managers?

By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The government’s ambition to end leasehold for most residential properties has put commonhold back into the spotlight. First introduced in 2002, commonhold offered a resident-led alternative to traditional leasehold ownership. However, legal and commercial complexity stalled adoption. Two decades later, policymakers are…
Read More
Breaking News

Think You Know Mortgages? These 5 Myths Could Be Costing You Money

When it comes to mortgages, most of us have had advice from family and friends. The trouble is, a lot of these so-called facts are myths, with many individuals missing out on better deals or opportunities, due to not doing their own due diligence. Emma Graham, Business Development Director at Hodge Bank, explained: “Mortgages are…
Read More
Breaking News

Just 17% of homes selling for more than £500k

The latest analysis by eXp UK has revealed that while just 17.4% of homes sold across England and Wales so far this year achieved a price of £500,000 or more, agents in London, the South East, and the East of England will face the greatest need to adapt should the Government press ahead with plans…
Read More