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Kensington withdraws products and reduces maximum LTV

Jessica Nangle

March 31, 2020

buy-to-let

Kensington has withdrawn a number of mortgage products and reduced its maximum LTV on all products to 70%.

The lender says that new and existing applications below 70% LTV will continue to be processed once a valuation can be attained.

The maximum property value has been reduced to £1m and there is now an extended list of property exclusions due to physical valuations being prohibited following the coronavirus outbreak.

Craig McKinlay, new business director at Kensington Mortgages, said: “This is an unprecedented time for everyone – customers, lenders and the industry – and we must all work together.

“We’ve decided to remove some of our product ranges to try and protect our customers during this uncertain time.

“However, we have absolutely no plans to pull our full range and are in a strong position with our funding.

“We will continue to monitor the current environment and are in close contact with UK Finance to keep up to date with official guidance and industry best practice in these exceptional times.”


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