Kensington extends max age on resi mortgages
Kensington Mortgages has today announced changes to its criteria, including raising its maximum age for the end of its residential mortgage term to 75 years.
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The changes were announced today at The Buy to Let Market Forum in Cardiff, where the lender also extended the term over which applicants can borrow on its buy to let mortgages.
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 lender has also dropped its minimum valuation from £90,000 to £75,000.
Speaking exclusively to Financial 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."
Steve Griffiths, Head of Sales and Distribution at Kensington, added:
"We have been clear about our intent to take a lead in the specialist market, but actions speak louder than words. At the beginning of the month we cut our rates and now we are making changes to criteria that we know will make it easier for brokers to place their complex cases. This is great news for brokers and customers, and it's just the start of things to come."
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