Kensington improves its interest-only mortgage proposition
Kensington has eased its interest-only mortgage acceptance criteria in order to attract more borrowers.
Previously, the specialist intermediary-only lender would offer up to 50% loan-to-value on interest-only but it has been extended up to 75% loan-to-value.
In order to qualify the main applicant will need to earn £75,000 per annum. Plus, the lender will only accept the ‘sale and downsize’ of the property as a repayment vehicle if applicants pass plausibility checks.
More banks and building societies are returning to the interest-only mortgage market and they are still targeting wealthier borrowers.
Sarah Green, head of sales and marketing at Kensington, says: “A healthy mortgage market is one that is diverse, with a variety of options for different types of customer.
“While interest-only is certainly not for everyone, it can be the right option for some customers with larger incomes and access to alternative repayment options. As Kensington underwrites each case on its own merits, we are able to give careful consideration to all of the circumstances around an application.”
Trinity Financial has access to a host of lenders offering interest-only mortgages, including NatWest, Santander and Woolwich for Intermediaries.
For help to secure an interest-only mortgage, call Trinity on 020 7016 0790.
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