Kensington Mortgages has introduced a new range, called ‘Brighter Mortgages’, for both young professionals and borrowers’ aged 55 and over looking to fund into retirement.
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 practicing in the field.
Young professionals wanting 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 lender has also launched a specific offering for borrowers over the age of 55 who are looking to take their mortgage into retirement and potentially beyond the age of 75.
The Later Life 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 choose up to 70% LTV on a repayment basis and the maximum age at end of term is 89 years old.
Craig McKinlay, new business director at Kensington Mortgages, said: “Certain professions in the UK carry greater earning potential and job security. Qualifying within these fields often requires a large investment of both time and resources, however, this doesn’t necessarily mean this is acknowledged by certain lenders when it comes to securing funding.
“We’re committed to helping borrowers at every career and life stage with our forward thinking mortgages. This means providing tailored products for all stages of the customer lifecycle, as well as helping the UK’s young professionals’ step onto 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.”