Mortgages now available up to 85% LTV for first time buyers with previous bad credit history
After recently dipping it’s toe back into the adverse credit market with it’s near prime product offering, Kensington has further enhanced it’s suite of products and improved lending criteria for first time buyers as follows:
- 2 year fixed rate rates available from 4.79% at 75% loan to value & 5.69% at 85% loan to value
- 3 year fixed rate rates available from 5.24% at 75% loan to value & 6.09% at 85% loan to value
Do I qualify?
The following is a brief overview of key areas of the lending criteria for this specific product:
- No credit scoring
- Ignore CCJ / CCJ’s registered over 2 years ago
- Ignore Defaults registered over 2 years ago
- Unfortunately the lender will still not allow a previous IVA or Bankruptcy
- Maximum payment profile of ‘2’ within the last 12 months on any individual unsecured agreement however it must now be showing up to date
- Minimum loan size £25,001 – Maximum loan size £250,000
- Available to both employed & self employed borrowers
- Minimum property value £90,000 (£120,000 for flats)
- New build houses max LTV 75%, new build flats max LTV 65%
- LTV > 80% then applicant 1 minimum income of at least £35,000 & minimum age at least 25
- LTV < 80% then £18,000 minimum sole income or £25,000 minimum joint income & minimum age at least 21
- No Child tax credit or working tax credit will be taken as income within the income assessment
- Max age 65 Maximum term 30 years
- To qualify for LTV > 80%, applicants must have been in continuous employment for 12 months with same employer / self employment
We strongly recommend that you contact Mosaic Mortgages to discuss your specific requirements and to see whether you are eligible for this particular scheme or various others that we have access to. This lender is just one of several specialist schemes that are currently available and as we are offering whole of market advice, we will assess your individual circumstances and recommend the most appropriate bad credit mortgage for your needs.
