Kensington FTB fixed rate mortgage applications 'consider the person'

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Kensington FTB fixed rate mortgage applications 'consider the person'

When a person applies for one of Kensington's new range of first-time buyer fixed rate mortgages, it will be more than just their credit score that is taken into account, according to a source from the firm.

Charles Morley, head of sales and product development at the lender, made his comments regarding home finance arrangements available at up to 85 per cent loan-to-value, with interest at 5.69 per cent over two years.

He explained that many people taking their first step on the property ladder may not have used credit cards before, so the company aims to consider a person's individual circumstances alongside their credit score.

"Many first-time buyers do not have extensive credit histories because they have not managed a mortgage in the past," Mr Morley said.

According to research by Ship Equity Release, such mortgage applicants find it seven times as difficult to secure a home finance deal as their parents.

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