12:16 PM, 7th February 2011, About 12 years ago 2
Somebody had to be first to do it but who would have expected it to be Kensington Mortgages?
The complete lack of competition from other lenders at these levels of exposure is reflected in the interest rate of 5.99% fixed for two years from the completion date, reverting to LIBOR plus 5% thereafter.
Applicants need to be able to prove earnings over £30,000 per annum and the scheme is restricted to three loans. The minimum loan is £25,001 and the minimum property value is £90,000.
The lenders minimum interest cover is 120% meaning that up to 166.94 times monthly rent is the maximum loan or 85% of purchase price, whichever is the lower figure.
Lender fees are 2.5% added to the loan advance and an early repayment charge of 5% is payable on redemptions within the fixed rate period.
For further information visit Kensington Mortgages web-site or for advice on whether this product suits your requirements speak with a mortgage broker. We will be happy to recommend a good broker if you need one.