The changes compliment Kensington's existing commitment to underwriting each case on its own merit - using information from the credit bureaux - but not a credit score, and they have been introduced with immediate effect.
The changes include:
Prime
For customers with no defaults in the last two years but may have been overlooked by a high street lender. Maximum loan size increased to 500,000
Prime One
For customers who have experienced minor unsecured defaults or CCJs in the past two years but are now up to date.
Maximum LTV increased to 75%:
- 2-Year Fixed at 6.29%
- 3-Year Fixed at 6.69%
Rates cut at 70% LTV:
- 2-Year Fixed at 5.89%
- 3-Year Fixed at 6.29%
Charles Morley, Head of Sales and Product Development at Kensington, says:
"We are in constant dialogue with our distribution partners and intermediaries, which means we are aware just how much demand there is from borrowers who have been overlooked by the high street. These enhancements to the criteria on our residential products will help even more of those customers who have been left out in the cold by mainstream lenders, find a mortgage to suit their circumstances."
