Kensington lowers rates, increases LTVs and reduces completion fee
The new products will be available to appointed representatives of Legal and General, Openwork and Pink Home Loans, as well as Personal Touch Financial Services, which has just launched onto Kensington’s exclusive distribution list.
The new prime products are available up to 80 per cent LTV, with 2-year fixed rates from 4.99 per cent. Kensington has also cut the completion fee on all of its products to £999.
At 75 per cent LTV, there’s a two-year fixed rate at 4.99 per cent, while borrowers requiring 80 per cent LTV get a 2-year fixed rate at 5.69 per cent
Three-year fixes are priced at 5.39 per cent up to 75 per cent LTV and 6.09 per cent at 80 per cent.
Charles Morley, head of sales & product development at Kensington, says: "We know there are a lot of prime customers out there who want a mortgage but are excluded by the big lenders because they fail an automated decision. So we make a decision based on a customer not a credit score. This means we are well positioned to consider self-employed borrowers, people who receive regular bonuses or overtime and customers whose circumstances are too complex to meet the rigid criteria of an automated system.
"Now with the launch of our new product range, brokers have greater choice to offer those customers some really competitive deals. When Kensington returned to lending we said we were committed to supporting responsible, sustainable recovery in the mortgage market and we believe this new launch demonstrates another step on that road to recovery."
Date: 10th, March, 2010
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