Kensington targeting wealthier clients with 6 times salary mortgage offer
Kensington has significantly increased its maximum mortgage income multiple and started offering wealthier clients up to 6 times salary mortgages.
To qualify applicants must earn £100,000 each year if they are applying on their own, or £100,000 between them if it is a joint application. This can include bonus income and commission.
Aaron Strutt, product director at Trinity Financial, says: “Kensington is the largest lender to enter income stretch market and offer up to six times salary mortgages.
“If you have any financial commitments like credit cards or loans, the maximum loan size may reduce. The lender will not accept any adverse credit over the last three years and can lend with one year’s accounts.”
Kensington lends to self-employed borrowers, and even uses their latest years trading figures. It accepts the profit after corporation tax plus salary for 100% shareholders. If the latest income figures are significantly more than recent years, the lender will request an accountant's reference to confirm the income is sustainable.
If you have a 10 per cent deposit, the maximum loan size is £500,000 and up to £2 million if you have a 25 per cent deposit. There is a £1 million cap for first-time buyers.
The income stretch mortgages are available on the lender's Select Range.
Call Trinity Financial on 020 7016 0790 to secure a six-times salary mortgage