Kensington has launched a new range of mortgages, designed with real people in mind, and supported with consistent, individual underwriting. As part of this, the lender has introduced a limited tranche of 90% LTV products available through Legal & General Mortgage Club to first-time buyers and subsequent purchasers.
Rates start from 5.79% for 2-year fixed rate.
Ben Thompson, Managing Director Legal & General Mortgage Club said:
"The market, for understandable reasons over the last few years contracted and in the process became totally risk averse.
"Kensington have brought a new approach and some welcome competition to a flat market, most of all they are, in this example giving customers a much needed chance of stepping onto, or moving up the property ladder, without the need for an impossibly large deposit.”
Charles Morley, Head of Sales at Kensington, said:
“Our research tells us that the market needs higher LTV products where responsible lending decisions can be supported by consistent, individual underwriting. Many first-time buyers do not have extensive credit histories because they have not managed a mortgage in the past.
"And if they have not used credit cards or taken other forms of credit this may impact their ability to pass a credit score and prove a barrier to securing a mortgage on their first home.
"Kensington are different. We use an experienced team of underwriters alongside our technology, which means we are able to consider all of an applicant’s circumstances even if they do not have a significant file of historic activity with the credit rating agencies.
"We are really happy we can work with Legal & General Mortgage Club to bring this customer focussed underwriting approach to the 90% LTV market.”
