Kensington Contractor Mortgages are the latest addition to the contractor friendly mortgage lenders. They come as a saviour to those who have been turned down by the High Street lenders.
Kensington mortgage lending criteria are very flexible and their mortgages are best for those who are finding it difficult to secure a mortgage. They are open to all types of contractors. It doesn't matter if you are a first timer, short term contractor or a veteran, everyone can apply.
Kengsington and Halifax have a lot in common, they both don't require 2 years of employment history and are fine as long as you have 12 month contracting experience.
Their underwriting and mortgage lending criteria is pretty flexible and they also support those who have faced financial difficulties in the past, something which you would rarely find other mortgage lenders. Kensington only requires £18,000 minimum annualised contract value, unlike other lenders who ask for a minimum of £75,000 per annum or at least £312.50 per day.
They calculate annualised earnings by multiplying weekly contract rate x 46 weeks, to determine contractor mortgage affordability. This enables a contractor to secure maximum mortgage based on their current contract.
One of the plus point with them is, they deal every case individually and don't believe in the credit scoring system AND they're more than happy to consider mortgage applications from those who don't have a perfect credit history.
Please get in touch with us if you wish to find out more about Kensington contractor mortgages.
Alternatively, you can also try our contractor mortgage calculator to find out how much you can borrow.