Kensington has reviewed its lending policies for older borrowers and updated its systems, including a move to paperless application processing.
Intermediaries are now able to scan and upload all documents directly onto the lender’s online portal, helping to streamline mortgage applications by cutting out postal delivery times.
A buy-to-let applicant must now have been an existing residential homeowner for the past 12 months, unless they have owned four or more investment properties for longer than 12 months. Also, a minimum income is only required for applicants who do not currently own a buy-to-let property.
Finally, for self-employed customers, Kensington has expanded the number of accountants and book-keeping professional bodies from which it can consider verification.
There are now eight acceptable professional bodies, including the Institute of Financial Accountants, Association of Authorised Public Accountants and Association of Chartered Certified Accountants.
Steve Griffiths, head of sales and distribution at Kensington, said they recognised that real life was not always straightforward.
Adviser view:
Jane King, a mortgage consultant at London-based Ash-Ridge Private Finance, commented: “This is good news from Kensington, but it is only now catching up with the major lenders, which have been paperless for several years now.
“Nevertheless, it will no doubt save a lot of time and lost documentation.”
peter.walker@ft.com
