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Kensington launches mortgage range for contractors

Specialist lender Kensington has launched a range of products for contract workers.

The products are available to applicants of any profession who have been contracting for 12 months. Income is calculated on their confirmed weekly rate x 46.

Rates begin at 3.44 per cent for a two-year fix up to 75 per cent loan-to-value, 3.99 per cent for a two-year fixed rate up to 80 per cent LTV and 4.74 per cent for a two-year fixed up to 85 per cent LTV.

Each product has a £999 completion fee and a £100 administration fee and reverts to Libor plus 4.3 per cent after the lock-in period.

Kensington head of marketing communications Alex Hammond says: “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.”

Contractor Financials managing director Tony Harris says: “It is good to see another lender recognise the growing importance of contractors in the workplace.

“Whilst we have access to better rates from other lenders it will be interesting to see how flexible Kensington will be with regards to breaks in contract.”

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