Head of Content
Mortgage Advisor & Director
Kensington
About Kensington Mortgages
Kensington Mortgages is a UK-based specialist lender that offers a variety of mortgage products, some of which you won't find equivalents to on the high street. As a specialist lender, they can be more flexible with complex customers, such as people with bad credit, borrowers who are over 55, or self-employed individuals with non-standard income.
The company has been in business for over 25 years and has helped millions of people get onto the property ladder, many of whom would be declined on the high street. You can compare the latest rates available from Kensington below:
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What mortgage rates are currently available?
As a specialist mortgage provider, Kensington generally offers higher interest rates than what you might see advertised on the high street, but this is because their products are aimed at customers who would be unlikely to get approved by a mainstream lender.
The exact rate you qualify for with them will depend on the amount of deposit you have, the overall strength of your application and the type of product you choose.
How to find a Kensington mortgages broker
As a whole-of-market mortgage brokerage, Teito have access to Kensington's line of mortgage products and we have advisors who specialise in arranging them. Not only can our advisors help you apply for a mortgage with Kensington, they will compare their rates and deals with similar lenders across the market and advise you on which one is the best fit for your requirements.
Whether you need a new mortgage or want to remortgage with Kensington, our brokers can help.
Get started here to speak to a mortgage broker about Kensington and how their mortgages compare with their competitors.
What type of mortgages do Kensington offer?
This mortgage provider offers a range of residential and buy-to-let mortgages, largely aimed at customers who would struggle to get approved on the high street. They also have specific products aimed at remortgage customers, homemovers, and first-time buyers.
Some of Kensington’s specialist mortgage products include:
- ‘Flexi Fixed For Term’ range: These give borrowers the option to fix in for 11-40 years (lifetime fix) and pay a consistent interest rate each month.
- Green Cashback Mortgages: Incentivises customers to make eco-friendly home improvements by giving them £1,000 cash back upon completion.
- Key worker mortgages: The ‘Mortgages for Heroes’ range allows people in certain professions - such as those in the emergency services, teachers and other key workers - to borrow based on 5 times income and declare overtime.
- Limited company buy-to-let mortgages: Kensington will offer these with no specific caveats.
Kensington also has specific mortgages aimed at borrowers who are buying a new build home, people with more than one source of income, and much more.
What is their lending criteria?
The lending criteria at Kensington Mortgages can vary depending on what type of product you are applying for, but a summary of their general requirements can be found below:
- Deposit needed: Many of their specialist products have higher deposit requirements but there are options for borrowers with just 5-10% deposit.
- Credit history: Can be flexible with some forms of bad credit, such as debt management plans, but will only lend to borrowers with very severe credit problems, such as bankruptcies, if the issue was discharged at least six years ago.
- Age: Borrowers must be no older than 70 at the beginning of the term (for standard residential mortgages) and can be no older than 75 by the end of it.
- Maximum loan: The maximum amount you can borrow with Kensington is £2 million via specialist products. Most product ranges are capped at £500,000.
- Self-employed borrowers: Kensington can be flexible with self-employed borrowers and can approve them for a mortgage based on one year’s accounts.
How much could you borrow with them?
Kensington caps maximum borrowing at 5-6 times annual salary, although they only use these higher income multiples for specialist products, such as the Mortgages for Heroes range, which is aimed at key workers, and its ‘Premier’ and ‘Professional’ ranges.
You can find out how much you could potentially borrow from Kensington and other UK lenders by entering your income into our calculator below:
For buy-to-let mortgages, the gross rental income must be 125% for basic rate taxpayers or 145% for higher rate taxpayers. An interest cover ratio of 160% is needed for HMOs.
What kind of reviews does Kensington have?
Kensington Mortgages has generally positive reviews from their customers, with an average rating of 4.6/5 on TrustPilot. They are also rated 4.5/5 on Money to the Masses.
The lender was, however, ranked joint 20th out of 22 mortgage lenders by consumer group Which? in their annual mortgage market review. This survey assesses mortgage providers on their customer service and how competitive their rates are - but it should be noted that specialist lenders like Kensington generally have higher rates than standard lenders.
Pros and cons
The table below offers an overview of the advantages and disadvantages of Kensington Mortgages as a lender, to give you an idea of whether they are the best option for you:
|
Advantages |
Disadvantages |
|
Lower deposit requirements than some specialist mortgage lenders |
Higher interest rates than many high street mortgage providers |
|
Flexible with self-employed applicants (options for borrowers with 1 year’s accounts) |
Limited options for older borrowers |
|
A wide range of options for borrowers with bad credit |
Some products have a strict maximum loan cap |
|
Positive reviews from existing customers |
Limited options for borrowers who rely on family support (such as guarantors) |
Compare rates from Kensington Mortgages today
We offer a free service that allows you to browse rates and deals from Kensington and compare them with what lenders from across the market are offering.
You can source your own mortgage deal through us and we have mortgage brokers on hand to make sure you can access products from intermediary-only lenders like Kensington.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
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Next you can view rates and deals from across the entire market online and choose the one you want in real time
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We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you