Kensington promises new case underwriting for new build to be within 48 hours
Kensington Mortgages has pledged to give new build borrowers a day valuation instruction and a commitment for new case underwriting within 48 hours and offers within 21 days.
New build cases will be processed by a specialist underwriting team with named underwriters from initial application until loan offer.
Steve Griffiths, sales and distribution director, Kensington, said: “At Kensington, we think that new build shouldn’t be limited to customers who meet the standard lending criteria.
“We’ve worked hard with our key new build distributors since entering the Help to Buy market in 2017 to understand where customers are underserved within the current market.
“Our recent enhancements to our new build proposition ensure that as well as offering great value and criteria, intermediaries can feel confident of the speed of service and consistent lending process that the market requires.”
Craig Hall, head of broker relationships and propositions, Legal & General Mortgage Club, said: “Getting onto the property ladder isn’t always easy, particularly for customers with complex borrowing needs.
“This is a great step from Kensington, demonstrating its commitment in helping intermediaries find the right solutions for their clients and get the financial support they need.”
The news follows recent criteria improvements by Kensington, including increasing new build LTVs to 90% for both houses and flats.
Kensington’s new build mortgages all include a six month offer period as standard, in addition to a six month extension period. Kensington has no up-front application fees on any product and free valuations on all Help to Buy products.
Currently, self-employed workers, contractors or those with impaired credit can find their options limited when purchasing a new build property, as variable incomes or past credit issues often mean they fall outside the requirements of standard lending criteria.