Available only through mortgage brokers, Kensington aim to help those who would otherwise struggle to obtain a mortgage. Whether self-employed for a short period of time, working in an unconventional job, or looking for a specialist mortgage, Kensington can be a solution for many who High Street lenders may turn down.
Kensington are one of the latest lenders looking to accommodate the borrowing needs of contractors. One of the attractive features of their mortgage lending is that they will lend to those who have suffered past financial difficulties, something unique in today’s contractor mortgage market. They even ignore any issues relating to telecommunication debts.
You can read a full guide regarding contractor mortgages here
Their criteria differs to other lenders and is more flexible in some key areas. Kensington require only £18,000 minimum annualised contract value, and do not discriminate against non-IT contractors, unlike other contractor-friendly lenders who have a minimum annualised contract value of £75,000 and will only lend to certain professions. In addition, they also only require 12 months contracting experience. You can find out more about Kensington Mortgages here: https://www.kensingtonmortgages.co.uk/intermediaries/products/residential-lending/self-employed-mortgages
Kensington do not ‘credit score’ applicants in the way that most lenders do, meaning that they can take a more human approach to someone’s financial history, as the ultimate decision is made by an experienced underwriter, after taking a view on the individual business case.
