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

FMB calls on Reeves to scrap housing tax threat

The Chancellor needs to scrap the Government’s proposed landfill tax quarry exemption which will add up to £28,000 to the cost of homes on small sites in next week’s Autumn Budget, says the Federation of Master Builders (FMB). Brian Berry, Chief Executive of the FMB, said: “At a time when the Government is failing to…
Read More →
Breaking News

Full Steam Ahead! UK Construction to return to growth in 2026

Construction intelligence specialists predict renewed activity following false-start over the summer. Revised figures will see UK construction sector grow 21% over the next two years Private housebuilding remains on course to grow significantly, with activity still predicted to rise by almost a fifth in 2027 Commercial office starts set to continue their ascent, and increasing…
Read More →
Breaking News

Winter is Coming: Douglas & Gordon Warns Landlords and Tenants to Take Action Before Disputes Occur

Mould, damp, burst pipes and boilers on the blink? With temperatures set to plummet in London this week, real-estate agent Douglas & Gordon is advising landlords and tenants to take action before issues occur. With 45% of landlords experiencing arrears or disputes, often linked to property condition or delayed maintenance* the agent’s expert lettings team…
Read More →
Breaking News

Home sellers slashing asking prices amid Budget speculation

The latest research from Property DriveBuy reveals that homesellers are slashing asking prices across the country in an attempt to attract buyers in a stagnant pre-Budget housing market. The latest asking price data* shows that the average asking price in Britain (£364,833) fell by -1.8% between October and November 2025, contributing to an overall annual…
Read More →
Breaking News

Mansion tax would hit London hardest

Mansion tax would hit London hardest, as capital accounts for 66% of all homes sold above £2m so far this year The latest data insight from Enness Global has revealed that, should the Chancellor introduce a 1% annual mansion tax on properties valued over £2 million, the measure would overwhelmingly target London homeowners, with two-thirds…
Read More →
Breaking News

Share of first-time buyers opting for low-deposit deals rose 8.6% in October

Barclays mortgage data shows deposits under £20,000 made up 22.1 per cent of first-time buyer completions in October 60 per cent of renters say they would require financial incentives or homebuying support schemes to get onto the property ladder Confidence in the housing market dipped three percentage points to 24 per cent month-on-month, although sentiment…
Read More →