Kensington announces changes to mortgage range

Date:Thursday 19th August 2010
Author: Susanna Kavka

Kensington has announced that it is to make several changes to its mortgage range that may be of benefit to first-time buyers.

The company has revealed it is to reduce rates on some of its products, while also offering higher value loan-to-value (LTV) mortgages and the maximum loan level has been increased.

Changes will be of benefit to those buyers listed in the Prime and Prime One categories, with loan size increasing to £500,000 for those with no defaults in the past two years.

Those who have had minor defaults or CCJs in the past two years could try applying for a two-year fixed-rate loan with a rate of 6.29 per cent and a LTV of 75 per cent.

Charles Morley, head of sales and product development at Kensington, said: "These enhancements to the criteria on our residential products will help even more of those customers who have been left out in the cold by mainstream lenders find a mortgage to suit their circumstances."

The plans may be of good news to those looking to get on the property ladder following Ray Boulger of John Charcol's comments that they can find it hard to get a deposit.