Kensington introduces £500,000+ mortgage range
Kensington has launched a range of mortgage rates targeting wealthier clients.
The new Premier Lending range is available to borrowers with more complex incomes providing they want to borrow between £500,000 and £2 million.
It is offering interest-only mortgages to borrowers with a plausible repayment strategy, and there is a maximum 75% loan-to-value.
Aaron Strutt, product director at Trinity Financial, says: “There is a huge amount of competition in the large loan sector, and rates are incredibly cheap.
“Kensington rates are more expensive than many of the larger banks, so you would probably apply for one of them if you have been turned down by the bigger lenders.”
“The lender may take 100% of variable income and use the latest self-employed figures. It can also take company profit into consideration for sole directors.”
Kensington’s most competitively priced rate is fixed at 3.34%. At the end of the fixed period, the mortgage reverts to the LIBOR plus 4.10% which is currently 4.70%. The APRC applicable to this loan is 5.20%.
This rate has a £999 arrangement fee and early repayment charges for two years. Applicants will need a 35% deposit to qualify, and there is a maximum loan size of £2 million.
For help to secure a larger mortgage loan, call Trinity Financial on 020 7016 0790.
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