Specialist lender Kensington has launched a new range of mortgage products aimed at the growing number of contract workers in England and Wales.
Since 2005, the number of temporary and contract workers in the UK has increased by around 230,000.
The new products will be available to applicants of any profession, who have been contracting for a minimum of 12 months, and income is calculated on their confirmed weekly rate x46.
Rates are available from 3.44 per cent for a 2-year fixed rate up to 75 per cent LTV, with 80 per cent LTV 2-year fixed rates from 3.99 per cent and 85 per cent 2-year fixed rates from 4.74 per cent. The completion fee on all mortgages is £999 and there are free valuations and free legal services available on remortgages, with free valuations for home purchases.
Alex Hammond, head of marketing communications at Kensington, says: “There are nearly a quarter of a million more contract workers in the UK today than there were in 2005. Yet many of these could struggle to secure a mortgage as their income does not fit a standard model.
“However, at Kensington we have the underwriting expertise to make sensible lending decisions for people who work on a contract basis and will be charging Contractors the same rate of interest as permanent staff. This new range of products signifies our continued commitment to specialist lending and to offering our intermediary partners the very best lending experience.”
Since returning to lending in November 2009, Kensington has introduced a series of developments to its products, processes and communication platforms to enhance its offering. The lender is committed to offering mortgage intermediaries and their clients a range of simple Residential and Buy-to-Let mortgages for borrowers with specialist requirements.
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