Kensington unveils buy-to-lets at 75% LTV for HMOs and MUBs

Michael Lloyd

July 25, 2018

Kensington Mortgages has launched buy-to-let loans up to 75% LTV for houses in multiple occupations (HMOS) and multi-unit freehold blocks (MUBs).

These are up to a maximum loan of £1m and no minimum overall property value required. Rates on HMOs and MUBs start from 2.89% on a 2-year fixed rate at 65% LTV and both property types can now have six units. Applications from limited companies will be accepted.

Craig McKinlay, sales and marketing director at Kensington Mortgages, said: “As one of the UK’s top buy-to-let lenders, this latest upgrade is part of our long-term strategy of enhancing Kensington’s buy-to-let proposition and supporting landlords across England, Wales and Scotland.

“With higher LTV’s, reduced rates and a wider range of tailored products to choose from, our buy-to-let upgrade will provide landlords with even more flexibility.”

Kensington has also further expanded its lending criteria and introduced ‘top-slicing’ to allow personal income or income from other properties to be used in affordability assessments, with rental cover from 125%.

Applications from non-owner occupier and first-time buyers will now also be accepted, on condition that one applicant is earning £40,000 or above, and the applicant age has been increased to a maximum of 70 years at application.

Buy-to-let rates now start at 2.69% for a 2-year fixed rate at 70% LTV, with a maximum loan value of up to £2m.

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