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Kensington mortgage

Kensington Mortgage

Mortgage Lending Criteria - Kensington



Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration


Mortgage



Advances

Up to 2,000,000 75% LTV (Rmg 75%)

Up to 500,000 85% LTV (Rmg 85%)

Notes

Mortgage NOT portable
If you move house, you must repay the loan together with any early repayment charges and fees.

LIBOR Floor 1.00%. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

Max loan amount for First Time Buyer is 1,000,000 (max 75% LTV)

You can repay all or part of the Loan at any time before the end of the Term in accordance with the Conditions. However, if you do repay all or part of the Loan before the end of the Term (by making either lump sum or regular overpayments) you must pay us the amount of (a) the early repayment charge calculated on the amount repaid (as detailed in Section 10 above) and (b) our Expenses in connection with the early repayment (as detailed in the Conditions and our Tariff from time to time).

Any repayment will be credited to your mortgage account on the day that cleared funds are received by us. For the purposes of working out the amount of interest which is owed by you, the Interest for the Interest Period in which the repayment is made will be recalculated and credit will be given for the number of days from receipt of repayment until the end of the Interest Period in which the repayment is received. This means that you will get the benefit of paying less Interest straight away.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 50% LTV
PEP 50% LTV
Pension 50% LTV
Interest only (no RV) 50% LTV
With Profits 50% LTV
Unit Linked 50% LTV
ISA 50% LTV
Split Repayment 75% LTV

Fees


Arrangement : varies Can be Added
Booking : None

Early Repayment Charges


Higher Lending
None

Valuation
Basic:
upto 100,000 - 325
upto 150,000 - 350
upto 200,000 - 400
upto 250,000 - 450
upto 350,000 - 500
upto 450,000 - 575
upto 550,000 - 650
upto 650,000 - 700
upto 750,000 - 750
upto 850,000 - 800
upto 1,000,000 - 850

Min Valuation 75000
Min Valuation 75,000 (120,000 for new build flats)



Lender Conveyancing Fee - 150.00 Payable on completion. A legal fee paid to your conveyancer before the loan starts which is not refundable. The figure quoted here is an estimate, the total fee may be higher
Redemption Administration Fee - 145.00 Payable on redemption.
Telegraphic Transfer - 18.00 Payable on completion.
Deeds Release Fee - 45.00 Payable on redemption.

Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Refer
Flat Over Shop No
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched Refer
Timber Framed Refer
Concrete No
Agricultural Tie No
Flat Over 4 Storeys Yes
Listed Building Refer

Not Accepted
New Build acceptable. New Build acceptable. Minimum valuation 75,000 (120,000 for new build flats)

We can accept a builder’s deposit of up to 5%, where the builder holds an acceptable New Build warranty.

Vendor deposits not accepted. Kensington will not consider shared ownership properties, freehold flats and maisonettes, most properties of concrete construction, properties deemed defective under the Housing Defects Act 1984 and Housing Act 1995, properties containing mundic block materials and properties with agricultural restrictions. Kensington will lend up to 65% LTV on Wimpey No Fines & Laing Easiform houses.

Source of deposit is required on all cases.

Ex local authority flats and maisonettes - unless the property value exceeds 250k, situated in city centre location with positive valuer comments, no more than 4 floors, LTV below 70% and evidence of neighbouring properties being in private ownership

Flats above commercial property - unless it is in a city centre location, is valued at least 250,000 and below 75% LTV

High rise flats over 10 floors (must have a lift if over 4 floors) - unless it is in a city centre location, is valued at least 250,000 and below 75% LTV.

New build maximum 85% LTV (75% on flats)

Ex-Council Flats not accepted

Accepted Locations : England, Wales

Requirements


Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan 25,001/Rmg 25,001
Max Loan 2,000,000/Rmg 2,000,000
Max Portfolio of BTL Loans none
Min Age 21 years
Max Age 75 years
Min Term 5 years
Max Term 40 years
Application to be submitted to Kensington online.

Full Status - Employed

Minimum months in current position 3

Full Status - Self Employed

A minimum of 1 year’s trading history is acceptable and in general the most recent year’s net profit figure will be considered when assessing affordability. For Directors of a limited company the salaried income plus dividends received will be used, although profit after tax may be considered where the applicant(s) have a 100% share in the business. Applicants who are sole traders or those holding 25% or more of a company’s share will be treated as self-employed. We will request latest finalised accounts or online SA302 and 3 months business bank statements. Verification will be required by a qualified accountant/book keeper, who must be registered with an acceptable professional body (ACCA, ACA, CIMA, CIPFA or ICB).



The property must be adequately insured under an acceptable insurance policy in accordance with the Conditions. Fees may be payable if you rearrange insurance during the Term as set out in the Conditions and Tariff from time to time.
Foreign Citizens Refer
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 0

Min months in current position 3
Min months in continuous service 3
Min no. of years accounts 1
Average years taken to calculate income 1
Will consider declining profit No

Outgoings
A minimum of 1 year’s trading history is acceptable and in general the most recent year’s net profit figure will be considered when assessing affordability. For Directors of a limited company the salaried income plus dividends received will be used, although profit after tax may be considered where the applicant(s) have a 100% share in the business.

Max % taken of other regular/irregular (bonus, commission, second income an overtime) income is 100%.

Contractors: We can accept applicants who have been contracting for a minimum of 12 months, with either a renewal of their contract or have entered into a second contract. We may be able to consider an applicant on a first contract if the applicant has previous PAYE employment in a similar role. Income will be calculated based on the weekly rate confirmed in the contract x46.

Hire Purchase Refer to lender
Personal Loans Refer to lender
Overdraft Refer to lender
Credit/Store Cards Refer to lender
Child Maintenance Refer to lender
Child Education Refer to lender
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular Add 100% to income before multiply
Investment Income Add 100% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension Add 100% to income before multiply
Car Allowance Add 100% to income before multiply

Remortgage


Capital Raising 75%
Home Improvements 75%
Debt Consolidation 75%
School Fees 75%
Holidays/Cars 75%
Buy Other Property 75%
Business Purposes Not accepted
Divorce Settlement 75%
Unencumbered 75%



Adverse Credit


CCJs/Defaults : Accept:
1) There must be no CCJss in the last 24 months. This condition does not incur any rate loading.
2) There must be no Defaultss in the last 24 months. This condition does not incur any rate loading.
Ignore:
1) CCJs registered 24 months ago or over.
Arrears : Accept:
1) No arrears (paid or unpaid) in the last 24 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.

Defaults acceptable if older than 24 months.
Satisfied CCJs acceptable if older than 24 months. We are able to accept unsatisfied CCJs that are registered over 24 months ago at the underwriter's discretion.
Secured Loan Arrears acceptable if older than 24 months.
Unsecured Credit arrears acceptable if accounts now up to date (max status of 2 in last 12 months).
All communications Defaults ignored.
Bankruptcy/IVA's - not acceptable.