Covering our some of clients top questions and the latest changes in the\u00a0UK property<\/a>market. Market trends. Section 21. Letting fee bans. Generation Rent. Buying a property in a LTD company.<\/p>\n![\"Apple](\"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-content\/uploads\/sites\/2\/2019\/06\/buyassociation-apple-poduct-300x73.png\" "\\"\\"")
Available to borrowers under the age of 40 and with a minimum 10% deposit, the \u2018hero\u2019 mortgage range gives essential public sector workers access to an increased loan-to-income ratio, debt-to-income ratio and helps those struggling to secure a mortgage because of a low credit score.<\/p>\n
Most lenders cap the loan-to-income ratio\u00a0at four and a half times your income or combined income if buying as a couple. The \u2018hero\u2019 mortgage range\u00a0allows borrowing\u00a0up to five times\u00a0the\u00a0annual income, giving access to larger loans.\u00a0\u00a0According to Kensington, the increased loan-to-income ratio can be offered due to the steady earning potential and job security of these public sector workers over other professions.<\/p>\n
Kensington has also increased its debt-to-income\u00a0ration, that is how much of your monthly income goes towards paying off debts, from the industry standard of 50% to 55% giving borrowers a bit more leeway in their mortgage affordability calculations.<\/p>\n
Eight different types of \u2018hero\u2019 mortgage\u00a0are available at either two or five-year fixed rates. For borrowers with a 25% deposit they can get a five-year fixed rate at 3.54%, or a\u00a0two year\u00a0deal at 2.74% both with a \u00a3999 fee; fee free you can fix at 3.94% or 3.24% respectively).<\/p>\n
For those needing to borrow more,\u00a0the 90% LTV five-year fixed is at 5.04% with a \u00a31,299 fee (5.29% fee free).\u00a0Alternatively,\u00a0a two-year fixed is available at 4.89% with a \u00a31,299 fee, 5.29% without a fee.<\/p>\n
Kensington specialises in mortgages for borrowers with low credit scores, so while there\u00a0are\u00a0lower\u00a0mortgage rates and\u00a0higher loan-to-income multiples available from other lenders, some\u00a0borrowers will have a\u00a0far\u00a0better chance of\u00a0securing a mortgage\u00a0with Kensington\u00a0than\u00a0they would with another\u00a0mortgage provider.<\/p>\n
According to Kensington,\u00a0the \u2018hero\u2019 mortgage range acknowledges not just the steady earnings potential and job security of\u00a0essential\u00a0public sector\u00a0workers,\u00a0 but\u00a0also their commitment to their chosen profession,\u00a0given the\u00a0time and financial\u00a0investment they have made\u00a0for their\u00a0chosen careers.<\/p>\n
\u201cWe continue to demonstrate our passion for helping people own their homes. The heroes amongst us don\u2019t do their jobs for the financial reward, the recognition or the glory, but because they care for other people more than themselves\u201d\u00a0said Mark Arnold, Chief Executive Kensington Mortgages.<\/p>\n
This month\u2019s podcast will be covering everything you might need to know about Property Management &\u00a0Mortgages<\/a>.\u00a0We will be joined by Matt Eastham from Easthams & Co \u2013 Property Management and\u00a0Marcus\u00a0Docker from Visionary Finance. Giving us their\u00a0insider\u2019s view on everything you need to know in the\u00a0property management and\u00a0mortgages<\/a>\u00a0markets. Hosted by our very own Katie Walker.<\/p>\n Covering our some of clients top questions and the latest changes in the\u00a0UK property<\/a>market. Market trends. Section 21. Letting fee bans. Generation Rent. Buying a property in a LTD company.<\/p>\n