Kensington raises B2L and FTB loan caps by £500k

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Kensington Mortgages is increasing its maximum loan caps for first-time buyers and buy-to-let mortgages by £500,000.

The lender has raised the maximum loan on buy-to-let mortgages to £1.5m from £1m.

First time buyers will be able to borrow £1m, up from £500,000.

Kensington head of sales and distribution Steve Griffiths says: “Whether it is for residential or buy-to-let, larger loans of more than £500,000 are rarely straightforward and often require individual assessment by an experienced underwriter.

“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.”

The lender says affordability will be based on the latest year’s salary for self-employed and contract workers.

Applicants with a strong credit profile will have up to 100 per cent of their earned income assessed.