One of the UK's top 25 lenders
This lender lent over £1bn in 2018. That's 0.4% of all mortgage lending.
21-day submission time
That's 5 days slower than the average across the 25 lenders we've compared.
Kensington Mortgages are a specialist lender. As such, they offer customers a dedicated service. All of their mortgage decisions are made by underwriters, which means that there’s more room for nuance when compared to other computer-based lenders.
They formed in 1995, so are younger than some of the big names on the market, but with almost 25 years of experience in the industry, Kensington aim to provide customers with specialised mortgages to meet their needs.
Kensington cater to a number of different customer bases including landlords and the self-employed, and offer self-employed mortgages for those with as little as one year of accounts.
Like all mortgage lenders, Kensington carry out a range of different checks, so if you have bad credit you may find it difficult to get a mortgage approved with them.
In this review we'll cover:
Is Kensington a good mortgage lender?
When it comes to checking if a mortgage lender offers a quality service, we like to take a look at the publicly available complaints data.
Kensington had 578 upheld complaints between July and December 2018.(1) That’s around 1% of their customers, which means it’s higher than the 0.4% average across the 25 lenders we have looked at.*
*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.
How long does a Kensington application take?
We found that the average speed for a Trussle customer to get their mortgage application processed with Kensington was 21 days. This is slightly longer than the average of 16 days across all lenders. However, they do solely use human underwriters, which adds some extra time, but can benefit those with special cases.
Personal circumstances and the lender’s present day-to-day performance are aspects that can impact the speed at which applications are processed, so it’s worth looking into using a mortgage broker to help ensure your application is up to scratch.
How much could I afford to borrow for a Kensington mortgage?
Kensington are willing to offer high earners and young professionals up to 6x their income on a mortgage. This figure will change depending on specific income and personal circumstances.
These details were last updated on 8th August 2019.
Frequently asked questions (FAQs)
This information was last updated in August 2019
What types of mortgages do Kensington offer?
Kensington offer both residential and buy to let mortgages to their customers. They ask for a minimum of 5% deposit, although mortgages for the self-employed require a minimum deposit of 15% if only one year of accounts are available.
How long is a Kensington mortgage offer valid for?
A mortgage offer from Kensington is valid for 120 days. But, if you’re buying a new build then it’s 180 days.
Do Kensington credit check after a mortgage offer?
Kensington carry out a credit check before a mortgage offer. On rare occasions they may carry out a more thorough check if they feel it necessary.
When is my first mortgage payment to Kensington due?
Kensington will write to you to inform you when your first mortgage payment is due. What they do set out is that you won’t have to make your first mortgage payment during the same calendar month that they paid out the loan to purchase your new house. It will also never be less than 16 days after you have received the loan from Kensington.
How much can you overpay on a Kensington mortgage?
The amount you can overpay by is detailed in the initial letter that is sent to you by Kensington. It varies from mortgage to mortgage. If you pay more than they allow there will be an overpayment charge.
What will happen when my Kensington mortgage deal ends?
If you have paid off your mortgage, then you will not have to pay anything to them anymore and you will fully own your house.
If you have come to the end of a fixed rate period, you have two options: You can either move to a variable rate mortgage or you can negotiate a new fixed rate deal with Kensington.
Do Kensington offer online banking?
At present, Kensington do not offer an online banking solution.
What insurance does Kensington require me to have?
In order to have a mortgage with Kensington you will need to have building insurance. This will need to be with a reputable insurance broker and cover against all the risks that Kensington lay out in their acceptance letter.
Did I have PPI on my Kensington mortgage?
If you think there is a chance that you had PPI on your Kensington mortgage, you can call their customer service at 0333 300 0921 to discuss this issue. However, the deadline to make a claim was the 29th August 2019, so you may no longer be able to claim.
How do I contact Kensington?
You can call Kensington on 0800 111 020 for any new enquiries and for existing cases you can reach them at 03444 99 00 11. You can also reach them via email at [email protected].
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