Kensington Mortgages has launched a range of high value loans called ‘Premier’ for borrowers needing more than £500,000.
The range is aimed at borrowers with complex incomes and high service expectations.
The new range offers loans up to £2m, including a maximum limit of £1m for first time buyers.
Loans up to a maximum 75 per cent LTV have rates of 3.44 per cent for a two-year fix and 3.74 per cent for a three-year fix.
Up to 65 per cent LTV rates are 3.34 per cent for a two-year fix and 3.64 per cent for a three-year fix.
All products have a £999 completion fee.
All decisions are made by an underwriter rather than using credit score.
Underwriters will consider 100 per cent variable incomes as standard, and will assess self-employed borrowers based on the latest years’ figures.
Applicants can cite a range of income sources, such as company profits for sole directors.
Borrowers can also pick an interest-only repayment option.
Kensington Mortgages head of sales and distribution Steve Griffiths says: “As house prices continue to increase, more and more people are looking to take out larger mortgages, particularly when it comes to securing homes in some of the most in demand areas across the UK.
“However, large loans are rarely straightforward and it often takes the involvement of an individual underwriter when it comes to assessing the complex incomes that are often associated with these types of mortgages.
“It has always traditionally been harder for the self-employed or contract workers to obtain mortgages with lenders airing on the side of caution when it comes to complex incomes. We believe that anyone who can afford a mortgage should have the opportunity to do so and should not be penalised for their chosen career.”
