Flexible Mortgage Solutions with Kensington Mortgages
Kensington Mortgages is a UK-based specialist lender, known for offering tailored mortgage solutions to people with complex financial situations. Unlike traditional lenders, Kensington focuses on providing flexible options for individuals who may not meet standard criteria, such as self-employed workers, contractors, and those with unstable credit histories. With a deep understanding of non-traditional income streams, Kensington Mortgages offers products designed to meet the specific needs of borrowers who may struggle to find a mortgage with mainstream lenders.
Why Kensington Mortgages is a Great Option for Contractors
Kensington Mortgages is an excellent choice for contractors due to its flexible and inclusive criteria. Unlike many other lenders, Kensington only requires a minimum annual contract value of £18,000, making it accessible to a wider range of contractors. They welcome contractors from all professions, not just those in IT. Additionally, Kensington only asks for 12 months of contracting experience, which is significantly less than the 2-year requirement from many other contractor-friendly lenders.
Kensington also takes a more personalised approach to credit history. Instead of relying solely on a credit score, experienced underwriters review each case individually, considering the broader financial picture. This human touch can make it easier for contractors to get approved, even if they have a non-traditional financial background. With their flexible underwriting and inclusive policies, Kensington Mortgages opens doors for a wide range of self-employed professionals looking to buy a home.
Essential Checklist for Securing a Kensington Mortgages Contractor Mortgage
If Kensington seems like a good fit, we at Contractor Mortgage Solutions can assist with your application. Here’s what you need to know:
Contract Requirements
You need at least 12 months of experience in your industry and at least three months remaining on your current contract when you apply.
Income and Currency
Kensington calculates your income over 48 weeks using your daily rate, but they do not accept foreign currency.
Documentation for limited Contractors
You will need to provide your current contract(s), your latest personal bank statement, and a business bank statement showing your pay.
Documentation For Umbrella Contractors
Submit your latest personal bank statement, contract(s), and your most recent payslips from the umbrella.
Documentation for Payee Contractors
Be prepared to show your personal bank statement and contract(s).
Contracts Gaps and Earnings
Kensington is flexible with credit history and contract gaps. They do not have a minimum income requirement and will consider you as long as you haven’t filed for bankruptcy or an IVA in the last six years.
By meeting these criteria, you can benefit from Kensington’s quick processing times and secure the mortgage you need.
Partnering with Kensington Mortgages for Seamless Contractor Mortgages
We work closely with Kensington’s senior underwriters to ensure your mortgage application process is as smooth as possible. Securing a Mortgage in Principle (MIP) typically begins with an initial assessment of your financial situation. You’ll need to provide key documents, including proof of income (such as recent contract details and bank statements), ID verification, and proof of address.
Once we have these documents, we submit them directly to Kensington’s underwriters. Our established relationship with them ensures that your application is reviewed promptly, often resulting in a Mortgage in Principle within 24 hours. After obtaining the MIP, the full mortgage application is submitted. This process usually takes about three days, with completion expected within 2 to 4 weeks.
FAQ’S
Are there any restrictions on the types of contracts Kensington accepts?
Kensington is inclusive and does not limit its services to specific industries. They accept contracts from all professional sectors, not just IT, which is common among other contractor-friendly lenders.
Does Kensington have a minimum income requirement for contractors?
No, Kensington does not impose a minimum income requirement, opening up mortgage opportunities for a wider range of contractors, regardless of their earnings.
How does Kensington handle foreign currency income?
Kensington does not accept income in foreign currencies. All earnings considered for mortgage approval must be in pounds sterling.
What is the advantage of Kensington’s human approach to credit scoring?
Unlike many lenders that rely solely on automated credit scores, Kensington’s decisions are made by experienced underwriters. This human approach allows for a more nuanced evaluation of your financial situation, potentially increasing your chances of mortgage approval.