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

The First-Time Buyer Reality Shock

The First-Time Buyer Confidence Gap: 90% Feel Prepared, 71% Get an Unpleasant Surprise The First-Time Buyer Anxiety Index unveils a major ‘confidence gap’ which leaves first-time buyers unprepared for the realities of getting on the property ladder. Nine in 10 first-time buyers believe they are prepared and understand the home buying process before they begin…
Read More →
Breaking News

£50k hit when climbing the property ladder

The average homeowner in England faces an estimated £15,513 in associated costs when upsizing their home, according to the latest research by Yopa. However, in London this figure climbs as high as £47,704. The full-service estate agency analysed the estimated cost of upsizing across England, based on selling an average flat or terraced home and…
Read More →
Estate Agent Talk

Conveyancing causes more stress than property chains

The latest research by Lyons Bowe has found that 42% of recent homebuyers say conveyancing is the biggest barrier to a smooth property transaction, compared with just 19% who point to property chains. The survey of 1,000 recent homebuyers* examined which aspects of the transaction process had presented the biggest barriers to a smooth journey,…
Read More →
Rightmove logo
Breaking News

Britain’s most competitive summer rental hotspots

New analysis from the UK’s largest property platform Rightmove has revealed the areas where renters faced the strongest competition this summer, with several North West towns emerging as the toughest places to secure a home Wallasey and Birkenhead in Merseyside were Britain’s joint most competitive rental market during July and August, with an average of…
Read More →
AI in estate agency letting agency property
Letting Agent Talk

The 5 tasks lettings agents won’t trust to AI

AI must make lettings more human, not less, and that requires real rental intelligence. The latest research from Propoly has found that letting industry professionals see a clear role for AI in property management, but are reluctant to let it operate without human oversight, particularly when decisions involve people, complex circumstances or potentially significant consequences. Propoly…
Read More →
Breaking News

Foxtons Lettings Market Index – August 2026

The busiest weeks arrived earlier than usual, with activity spread more evenly across the summer due to implementation of the RRA • Renter registrations eased 3.0% in August. Along with July, it was still the peak of 2026, finishing off the summer rush just below July’s levels. • Competition for available property rose 22.4% in…
Read More →