Kensington doubles maximum loan size to £1m

Kensington has doubled its maximum loan size to £1 million and its maximum loan for first-time buyers to £500,000.

The move will be welcome news to borrowers in London and the South East, where house prices at the top end of the market continue to perform well, and follows feedback from intermediaries who have requested that Kensington take its intelligent approach to lending to larger mortgages, where customers often have more complex income that cannot be accommodated by a one-size-fits-all approach.

Following last week's move by Kensington to increase its maximum LTV, first time buyers are now able to borrow up to £500,000 up to 90%. A maximum loan size of £1 million is available to subsequent purchasers and remortgage customers up to 75% LTV, with the maximum loan above 75% LTV being £500,000

Charles Morley, Head of Sales at Kensington, says:  "While many lenders offer loans up to £1 million, we know that intermediaries are crying out for a lender that can take an intelligent approach to lending at this level.

"The income of high earners is rarely simple and often made up of commission, bonus or investment income. A one-size-fits- all approach does not suit these customers, but Kensington's commitment to individually assessed underwriting means we can consider customers whose circumstances would be too complex for other lenders.

"First time buyers will also benefit from our intelligent approach to lending that now gives them the ability to borrow up to £500,000 up to 90% LTV. And ultimately, this is all good news for mortgage intermediaries who will have more options for their clients and more opportunity to grow their business."