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Contractor lending

Contractor mortgages made simple

Working on a contractual basis is growing in popularity as it provides flexibility and often better remuneration. But contractors can find it harder to get a mortgage if their circumstances don’t tick all of the boxes of a standard mortgage application.

At Kensington, we recognise the issues faced by contractors, which is why we have developed criteria aimed at overcoming these hurdles.

Product features: 

  • Income calculated on current weekly contract x 46
  • Only 12 months contracting history required
  • Could be less than 12 months if contract is within an existing profession
  • Any profession
  • No minimum income

Perfect for: 

  • Contractors of any profession 
  • Contractors who have switched from salary to contract in the same sector within 12 months
  • Contractors with historic credit issues 

Search our Lending Policy

Product guide

New Premier Range

Select Rates

75% LTV

Rate Type / Term Rate  Feature Completion Fee Reversion
2 Year Fixed 2.39%  None £999 LIBOR plus 4.10%*
3 Year Fixed 2.89%  None £999 LIBOR plus 4.10%*
5 Year Fixed 3.19%  None £999 LIBOR plus 4.10%*
2 Year Fixed  3.29%  - Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).  £0 LIBOR plus 4.10%*
3 Year Fixed
3.39%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).
£0 LIBOR plus 4.10%*
5 Year Fixed 3.59%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.10%*

Kensington review the LIBOR rate quarterly.

*The Current LIBOR rate is 0.30% with effect from 14 August 2017 – LIBOR Floor  1.00%*. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

**Free legals are only available on loans up to £500,000. For full details please see our Criteria Guide.

Early Repayment Charges apply:
5 Years Fixed - 4.00% in Year 1, 3.00% in Year 2, 1.50% in Year 3, 1.00% in Year 4 and 5
3 Year Fixed - 3.00% in Year 1, 2.00% in Year 2, 1.00% in Year 3
2 Year Fixed - 3.00% in Year 1, 2.00% in Year 2

 

85% LTV

Rate Type / Term Rate Feature  Completion Fee Reversion
2 Year Fixed 2.89%  None £1,299 LIBOR plus 4.30%*
3 Year Fixed 3.39%  None £1,299 LIBOR plus 4.30%*
5 Year Fixed 3.54%  None £1,299 LIBOR plus 4.30%* 
2 Year Fixed  3.64% - Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).  £0 LIBOR plus 4.30%*
3 Year Fixed 3.74%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.30%*
5 Year Fixed 3.94%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.30%*

Kensington review the LIBOR rate quarterly.

*The Current LIBOR rate is 0.30% with effect from 14 August 2017 – LIBOR Floor  1.00%*. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

**Free legals are only available on loans up to £500,000. For full details please see our Criteria Guide.

Early Repayment Charges apply:
5 Years Fixed - 4.00% in Year 1, 3.00% in Year 2, 1.50% in Year 3, 1.00% in Year 4 and 5
3 Year Fixed - 3.00% in Year 1, 2.00% in Year 2, 1.00% in Year 3
2 Year Fixed - 3.00% in Year 1, 2.00% in Year 2

 

Residential Rates

75% LTV

Rate Type / Term Rate  Feature Completion Fee Reversion
2 Year Fixed 2.69%  None £999 LIBOR plus 4.10%*
3 Year Fixed 3.19%  None £999 LIBOR plus 4.10%*
5 Year Fixed 3.49%  None £999 LIBOR plus 4.10%*
 2 Year Fixed  3.59%  - Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).  £0 LIBOR plus 4.10%*
3 Year Fixed
3.69%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).
£0 LIBOR plus 4.10%*
5 Year Fixed 3.89%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.10%*

Kensington review the LIBOR rate quarterly.

*The Current LIBOR rate is 0.30% with effect from 14 August 2017 – LIBOR Floor  1.00%*. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

**Free legals are only available on loans up to £500,000. For full details please see our Criteria Guide.

Early Repayment Charges apply:
5 Years Fixed - 4.00% in Year 1, 3.00% in Year 2, 1.50% in Year 3, 1.00% in Year 4 and 5
3 Year Fixed - 3.00% in Year 1, 2.00% in Year 2, 1.00% in Year 3
2 Year Fixed - 3.00% in Year 1, 2.00% in Year 2

 

80% LTV

Rate Type / Term Rate Feature  Completion Fee Reversion
2 Year Fixed 2.79%  None £999 LIBOR plus 4.10%*
3 Year Fixed 3.29%  None £999 LIBOR plus 4.10%*
5 Year Fixed  3.54%  None £999  LIBOR plus 4.10%*
 2 Year Fixed  3.69%  - Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).  £0 LIBOR plus 4.10%*
3 Year Fixed 3.79%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.10%*
5 Year Fixed 3.94%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.10%*

Kensington review the LIBOR rate quarterly.

*The Current LIBOR rate is 0.30% with effect from 14 August 2017 – LIBOR Floor  1.00%*. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

**Free legals are only available on loans up to £500,000. For full details please see our Criteria Guide.

Early Repayment Charges apply:
5 Years Fixed - 4.00% in Year 1, 3.00% in Year 2, 1.50% in Year 3, 1.00% in Year 4 and 5
3 Year Fixed - 3.00% in Year 1, 2.00% in Year 2, 1.00% in Year 3
2 Year Fixed - 3.00% in Year 1, 2.00% in Year 2

 

85% LTV

Rate Type / Term Rate Feature  Completion Fee Reversion
2 Year Fixed 3.19%  None £1,299 LIBOR plus 4.30%*
3 Year Fixed 3.69%  None £1,299 LIBOR plus 4.30%*
5 Year Fixed 3.84%  None £1,299 LIBOR plus 4.30%* 
 2 Year Fixed  3.94% - Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide).  £0 LIBOR plus 4.30%*
3 Year Fixed ​4.04%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.30%*
5 Year Fixed ​4.24%
- Free Valuation For Purchase and all New Build rates and Free Valuation & Free Legal for Remortgages. (Standard legals only available on loans up to £500,000. For full details please see our Criteria Guide). £0 LIBOR plus 4.30%*

Kensington review the LIBOR rate quarterly.

*The Current LIBOR rate is 0.30% with effect from 14 August 2017 – LIBOR Floor  1.00%*. If LIBOR falls below 1.00% the reversion rate will be charged at reversion margin plus 1.00%.

**Free legals are only available on loans up to £500,000. For full details please see our Criteria Guide.

Early Repayment Charges apply:
5 Years Fixed - 4.00% in Year 1, 3.00% in Year 2, 1.50% in Year 3, 1.00% in Year 4 and 5
3 Year Fixed - 3.00% in Year 1, 2.00% in Year 2, 1.00% in Year 3
2 Year Fixed - 3.00% in Year 1, 2.00% in Year 2