Kensington 

Kensington launches targeted mortgage range

Kensington launches targeted mortgage range

Kensington Mortgages has launched a range of mortgages targeting people at different life stages, including young professionals and borrowers aged 55 and over looking to fund their retirement.

The young professionals product offers enhanced affordability and is specifically designed for chartered accountants, actuaries, barristers, commercial pilots, dentists, medical doctors and solicitors.

To qualify, applicants must be registered with the appropriate UK professional body and practicing in the field.

The range is available at up to 85 per cent LTV with rates starting at 3.14 per cent on a 2-year fix at 75 per cent LTV.

Single applicants need a minimum income of £35,000 while a joint application requires a minimum income of
£50,000.

Kensington stated it recognises that applicants in these professions are often self-employed or contractors, which it said could result in them being unable to meet the criteria of high-street lenders.

Craig McKinlay, new business director at Kensington Mortgages, said: "Certain professions in the UK carry greater earning potential and job security. Qualifying within these fields often requires a large investment of both time and resources, however, this doesn’t necessarily mean this is acknowledged by certain lenders when it comes to securing funding."

Nicola Firth, CEO of Knowledge Bank, said: "Lending to the self-employed is still the number one most searched for criteria in residential mortgages.

"[But] brokers are increasingly finding that they can find a mortgage even for the most complex client’s needs, often from lenders that they would never have considered, or even been aware of before."

The Later Life product is available to borrowers over the age of 55 who are looking to take their mortgage into
retirement and potentially beyond the age of 75.

It will be offered on a 2-, 5- and 10-year fixed rate, with the 10-year products benefiting from a shorter 5-year ERC (early repayment charges). 

Borrowers can choose up to 70 per cent LTV on a repayment basis and the maximum age at the end of term is 89 years.

Mr McKinlay said: "We’re committed to helping borrowers at every career and life stage with our forward thinking mortgages. This means providing tailored products for all stages of the customer lifecycle, as well as helping the UK’s young professionals’ step onto the property ladder, whether they are already established or just embarking on their careers."

Venilia Batista Amorim is a freelance writer for FTAdviser