Kensington Mortgages has launched its new range of ‘brighter mortgages’ for both young professionals and later-life borrowers.
The two new products have been designed as part of the lender’s aim to cater for all types of borrowers at different life stages.
The young professional’s product offers enhanced affordability and is specifically designed for chartered accountants, actuaries, barristers, commercial pilots, dentists, medical doctors and solicitors.
To qualify, applicants must be registered with the appropriate UK professional body and practising in the field.
Young professionals applying for a mortgage up to 85% LTV can consider Kensington’s young professional range, with rates from 3.14% on a two-year fix at 75% LTV.
Single applicants need a minimum income of £35,000 and a joint application requires a minimum income of £50,000.
The later-life product is aimed at borrowers over the age of 55 who are looking to take their mortgage into retirement and potentially beyond the age of 75.
This product will be offered on a two-, five- and 10-year fixed rate, with the 10-year products benefiting from a shorter five-year ERC.
Borrowers can select up to 70% LTV on a repayment basis and the maximum age at the end of term is 89 years old.
“We’re committed to helping borrowers at every career and life stage with our forward-thinking mortgages,” said Craig McKinlay, new business director at Kensington Mortgages (pictured above).
“This means providing tailored products for all stages of the customer lifecycle, as well as helping the UK’s young professionals step on to the property ladder, whether they are already established or just embarking on their careers.
“Our latest product ranges open up new opportunities for our intermediaries and their clients and we’re confident these latest offerings will be greeted positively by our broker partners.”
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