Brilliant Solutions

Kensington Update

Here is the latest release from Kensington.  Remember we offer these products via Fees Free Packaging or direct to lender. For product details see their Residential Product Guide or their BTL Product Guide.

Removal of 3 months CMI requirements and Improvement to Self-Employed Criteria

We am pleased to confirm that we have made a couple of significant enhancements to our Lending Policy and Underwriting Process, which we hope will make both the advisor and customer experiences more straightforward when submitting business with Kensington and signify yet another step closer to everything returning to some kind of normality.

Firstly, we are removing the Underwriting requirement for customers to evidence 3 months’ worth of mortgage payments in their bank account prior to offer for ALL CUSTOMERS. This was always designed to be a temporary measure and reflected the unprecedented times we’ve found ourselves in, so we are pleased we are now able to move forward without this requirement.

Secondly, we have reviewed our Self-Employed proposition in line with various Government support schemes / funding that have been available during the COVID-19 pandemic, and as such we are pleased to share the news that the following income sources will now be accepted as part of Self-Employed Customers’ income:

  • SEISS Grants / Business Support Grants (also can be used a source of deposit)
  • Job Retention Scheme Payments & Bounce Back Loans
  • Coronavirus Business Interruption Loans

Please note, we will not accept any cases where the business has employees on furlough within the last 3 months

To further aid your understanding our Self Employed proposition and acceptable income streams, please see the useful table below. Attached is a 1 Page Guide to our full Self Employed proposition which we feel will be really useful:

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