Kensington assess affordability on residential mortgages by looking at a range of income sources from self-employed earnings to bonus income and vested shares.
Kensington has increased its maximum loan sizes to £1.5m on buy-to-let and £1m for first-time buyers, up from £1m and £500,000.
Kensington assess affordability on residential mortgages by looking at a range of income sources from self-employed earnings to bonus income and vested shares.
Steve Griffiths, head of sales and distribution at Kensington, said: “This approach is central to the way we approach every application we receive, and so it’s great news that we have been able to extend our criteria to larger loans for first-time buyers and buy-to-let landlords.
“Many first-time buyers looking to borrow more than £500,000 will look to include bonus or self-employed income within their affordability and we have the expertise to properly assess all of an applicant’s income, whether it comes from self-employment, bonus payments or investments.
“These are exciting developments at Kensington and there is plenty more to come. We will continue to identify straight forward solutions to complex mortgage applications, and introduce more developments to our products and proposition throughout the year”.
