Kensington Mortgages has launched an enhanced service promise for all new build mortgage products across its range offering case underwriting within 48 hours and offers within 21 days.
The new offering will allow borrowers with complex circumstances to meet more demanding timeframes when looking to purchase a new build.
New build cases will be processed by a specialist underwriting team with named underwriters, from the initial application until loan offer. Customers will also benefit from a day one valuation instruction alongside the commitments for case underwriting and offers.
The announcement follows recent criteria improvements by Kensington, including increasing new build loan-to-values to 90 per cent for both houses and flats.
Kensington’s new build mortgages all include a six-month offer period as standard, in addition to a six-month extension period. Kensington has no up-front application fees on any product and free valuations on all Help to Buy products.
Kensington sales and distribution director Steve Griffiths says: “At Kensington, we think that new build shouldn’t be limited to customers who meet the standard lending criteria. We’ve worked hard with our key new build distributors since entering the Help to Buy market in 2017 to understand where customers are underserved within the current market.
“Our recent enhancements to our new build proposition ensure that as well as offering great value and criteria, intermediaries can feel confident of the speed of service and consistent lending process that the market requires.”
Legal & General Mortgage Club head of broker relationships and propositions Craig Hall says: “Getting onto the property ladder isn’t always easy, particularly for customers with complex borrowing needs. This is a great step from Kensington, demonstrating its commitment in helping intermediaries find the right solutions for their clients and get the financial support they need.”