Kensington extends term on BTL mortgages
Kensington Mortgages has today announced changes to its criteria, including raising its maximum term for its buy to let mortgages.
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The maximum term has been raised 10 years, from 30 years to 40 years, which Kensington has said will serve retired people looking to put their pension cash into the buy to let market.
The changes were announced today at The Buy to Let Market Forum in Cardiff, where the lender also extended its max age at end of term on its residential mortgages from 65 to 75 years.
The lender has also dropped its minimum valuation from £90,000 to £75,000.
Speaking exclusively to Commercial Reporter, Alex Hammond, Head of Marketing Communications at Kensington Mortgages, said:
"We want to make it easier for brokers to find a home for their more specialist cases, and feedback from brokers has highlighted these areas where we can help to make those complex cases more straightforward."
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