Kensington

Notes: The following information is provided by a third party organisation. We have not verified this information with the lender. Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Advances

Up to £500,000 80% LTV (Rmg 80%)

Notes

Mortgage NOT portable
If you move house, you must repay the loan together with any early repayment charges and fees.
- Mortgage is NOT for First time buyers
- Mortgage is an EXCLUSIVE product

Application to be submitted to Kensington online.

You can repay all or part of the Loan at any time before the end of the Term in accordance with the Conditions. However, if you do repay all or part of the Loan before the end of the Term (by making either lump sum or regular overpayments) you must pay us the amount of (a) the early repayment charge calculated on the amount repaid (as detailed in Section 10 above) and (b) our Expenses in connection with the early repayment (as detailed in the Conditions and our Tariff from time to time). Any repayment will be credited to your mortgage account on the day that cleared funds are received by us. For the purposes of working out the amount of interest which is owed by you, the Interest for the Interest Period in which the repayment is made will be recalculated and credit will be given for the number of days from receipt of repayment until the end of the Interest Period in which the repayment is received. This means that you will get the benefit of paying less Interest straight away.

Capital Rest Period : Daily

Repayment Types
Repayment Yes
Endowment 80% LTV
PEP 80% LTV
Pension 80% LTV
Interest only (no RV) 80% LTV
With Profits 80% LTV
Unit Linked 80% LTV
ISA 80% LTV
Split Repayment Yes

Fees

Arrangement : refer Can be Added
Booking : None

Early Repayment Charges
refer

Higher Lending
None

Valuation
Basic:
upto £250,000 - £300
upto £500,000 - £450
upto £750,000 - £600
upto £1,000,000 - £750

Min Valuation £90000

For properties valued over 1 million please refer to the Lender for the valuation fee.


Redemption Administration Fee - £145.00 Payable on redemption.
Telegraphic Transfer - £35.00 Payable on completion.
Deeds Release Fee - £45.00 Payable on redemption.
Lenders Conveyancing Fee - £150.00 Payable on completion. A legal fee paid to your conveyancer before the loan starts which is not refundable. The figure quoted here is an estimate, the total fee may be higher

Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Refer
Flat Over Shop No
Maisonette Yes
Studio Flat No
Flying Freehold No
Thatched Refer
Timber Framed Refer
Concrete No
Agricultural Tie No
Flat Over 4 Storeys No
Listed Building Refer

Not Accepted
Minimum valuation £90,000

Builder deposits up to 5% are accepted. The builder must be a major national or regional NHBC registered company.
Vendor deposits not accepted. Kensington will not be considered on shared ownership properties, freehold flats and maisonettes, flats above commercial properties, some properties of concrete construction, properties deemed defective under the Housing Defects Act 1984 and Housing Act 1995, properties containing mundic block materials and properties with agricultural restrictions Kensington will lend up to 65% LTV on Wimpey No Fines & Laing Easiform houses.

New Build Flats not accepted

New Build max LTV 75%

Ex-Council Flats not accepted

Accepted Locations : England, Wales

Requirements
Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan £25,001/Rmg £25,001
Max Loan £500,000/Rmg £500,000
Max Portfolio of BTL Loans none
Min Age 21 years
Max Age 65 years
Min Term 5 years
Max Term 30 years
Application to be submitted to Kensington online.

Full Status - Employed
Minimum months in current position 3

Self Employed

1 years audited accounts and an accountant's certificate or self-assessment acceptance by Inland Revenue. Income multiples/full affordability assessment is applied to the last year's share of Net profit/income. In the case of directors of a limited company, the applicant's salary plus his share of Net profit, dividends and pension figure will be used.
A full credit bureau search will be conducted on all applicants.

The property must be adequately insured under an acceptable insurance policy.

The property must be adequately insured under an acceptable insurance policy in accordance with the Conditions. Fees may be payable if you rearrange insurance during the Term as set out in the Conditions and Tariff from time to time.
Foreign Citizens Refer
Ex-Patriates Not Accepted

Income Multipliers
Based on Income > 0
9.99 + 9.99 or 9.99 joint

Min months in current position 3
Min months in continuous service 3
Min no. of years accounts 1
Average years taken to calculate income 1
Will consider declining profit No

Outgoings

Lending in Probation period is not acceptable.

Minimum income is £18,000 single and £25,000 combined for joint applications.

Minimum income(s) must be from a single source e.g. one employer or one self-employed activity. However when minimum income has been met all forms of additional income (as specified above) will be considered towards this application. Please refer to lender for additional details”.


Hire Purchase Refer to lender
Personal Loans Refer to lender
Overdraft Refer to lender
Credit/Store Cards Refer to lender
Child Maintenance Refer to lender
Child Education Refer to lender
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular No
Investment Income Add 100% to income before multiply
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension Add 100% to income before multiply
Car Allowance Add 100% to income before multiply

Remortgage Max LTV Max% increase

Capital Raising 80%
Home Improvements 80%
Debt Consolidation 80%
School Fees 80%
Holidays/Cars 80%
Buy Other Property 80%
Business Purposes 80%
Divorce Settlement 80%
Unencumbered 80%

Adverse Credit

CCJs/Defaults : Accept:
1) There must be no Defaultss in the last 24 months. This condition does not incur any rate loading.
2) There must be no CCJss in the last 24 months. This condition does not incur any rate loading.
Ignore:
1) CCJs registered 24 months ago or over.
2) Defaults registered 24 months ago or over.
Arrears : Accept:
1) No arrears (paid or unpaid) in the last 24 months. This condition does not incur any rate loading.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.

CCJ - 0 in the last 24 months.
Defaults - 0 in the last 24 months.
Arrears - 0 in the last 24 months.
Unsecured Credit Information - Max Credit Report status of 2 on any individual agreement in last 12 months. Up to date.