Kensington Mortgages launches limited company buy-to-let mortgage proposition
Kensington Mortgages will now offer mortgages for limited company buy-to-let customers at LTVs up to 80%.
It has updated its mortgage proposition that includes higher LTVs and loan values across its residential mortgage and buy-to-let range.
The new products, which go live on Thursday 1 May, also include an increase in maximum residential loan sizes to £1m at 90% LTV in addition to 90% LTV mortgages on new build houses and flats, as well as lending on Right to Buy flats.
Only the property portfolio of the limited company is assessed and standard rates will apply from 3.14% for a 2-year fixed rate at 70% LTV.
To support these new customers, Kensington will be introducing a simpler process for portfolio verification.
Craig McKinlay, sales and marketing director at Kensington Mortgages, said: “We’re committed to lending for real life at Kensington, and that means serving Britain’s underserved borrowers to meet their residential and buy-to-let needs, whether they are a landlord operating as a limited company or a freelancer with homeownership ambitions.
“These latest changes to our mortgage proposition reinforces our commitment to a growing specialist lending market as we open up our range to new customers and provide more flexibility for borrowers with complex incomes.
“I’m confident that this extensive update to our residential and buy-to-let proposition will be received positively by our broker partners, but they are also just the first in a series of announcements that we at Kensington are excited to be sharing over the coming weeks.”
As part of the residential loan update, Kensington will now be offering LTVs of up to 90% on its select premier large loan range, with maximum loan amounts of £2m up to 80% LTV and £1m up to 90% LTV.
Maximum loan sizes have been raised for its select and core ranges to £2m up to 80% LTV and £500,000 up to 90% LTV.
Loans of up to 90% LTV will now be available on new build houses and flats and Kensington will now lend on Right to Buy flats.
Danny Belton, head of lender relationships, Legal & General Mortgage Club, said: “It’s great to see Kensington continuing to address gaps in the market and support intermediaries in serving the needs of their customers in both the residential and buy-to-let sectors.
“The improvements to the residential maximum loan size and LTV on larger loans are a much-needed solution for brokers and customers alike, and we believe the new buy-to-let offering will further act as a helping hand to landlords managing their portfolios.”