"At Kensington, our focus is, and always has been, to help Britain’s underserved borrowers including those who have had some recent credit blips"
Customers will be eligible for the Options range if they have unsecured arrears greater than 6 months old and one secured arrears in the last 24 months, but not in the last three months.
Borrowers will also be allowed one CCJ or default in the last 24 months, but none in the past six months.
As part of the Residential Options launch, Kensington will be offering LTVs up to a maximum of 85%, with a maximum loan of £1m at 75% LTV, including for first-time buyers on part of the range.
Two, three and five-year fixed rates will be offered, with standard rates starting at 3.84% for a two-year fixed rate at 75% LTV.
Craig McKinlay, sales and marketing director at Kensington Mortgages, commented: “At Kensington, our focus is, and always has been, to help Britain’s underserved borrowers including those who have had some recent credit blips and find it a challenge to find a mortgage. These latest changes to our mortgage proposition reinforce our commitment to the growing specialist lending market as we reach out to a wider customer base and provide more flexibility for borrowers with complex incomes.
“I’m confident that the introduction of our Options range will be received positively by intermediaries. What’s more, these are the continuation in a series of announcements that we at Kensington are excited to be sharing over the coming months.”
