Home Recent Landlord News Kensington introduces first-time lending and top-slicing in BTL

Kensington introduces first-time lending and top-slicing in BTL

Berkeley Group Blames Tax Increases For housing crisisAnother BLT lender Kensington Mortgages has upgraded its BLT with expanded criteria including the launch of top slicing to allow for personal income or income from other properties to be used as assessments for customers to be considered for BLT mortgages.

Applications from non-owner occupier and first-time buyers will now also be accepted (on condition that one applicant is earning £40,000 or above) and the applicant age has been increased to a maximum of 70 years at application.

Buy-to-let rates now start at 2.69% for a two-year fixed rate at 70% LTV, with a maximum loan value of up to £2 million.

The lender will also offer 65 per cent LTV two-year rates at 2.89 per cent for HMOs and MUBs of up to six units. Furthermore, the 70 per cent LTV two-year BTL mortgage with a maximum loan of £2m now comes in at 2.69 per cent. Additionally, loans are are now available up to 75% LTV for HMOs and multi unit freehold blocks up to a maximum loan of £1 million and no minimum overall property value required. Rates on HMOs and MUBs start from 2.89% for a two-year fixed rate at 65% LTV and both property types can now have six units.

Craig McKinlay, sales and marketing director at Kensington Mortgages, commented: “As one of the UK’s top buy-to-let lenders, this latest upgrade is part of our long-term strategy of enhancing Kensington’s buy-to-let proposition and supporting landlords across England, Wales and Scotland.

“With higher LTVs, reduced rates and a wider range of tailored products to choose from, our buy-to-let upgrade will provide landlords with even more flexibility.”

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