The launch follows research carried out by Kensington and Enterprise among intermediaries to identify their ideal mortgage. Brokers said their top priorities were a three-year mortgage with no extended tie-in period and a product enabling borrowers to budget.
In response, Kensington has created a mortgage it believes will bring confidence and certainty to customers. Keith Street, director of sales at Kensington, explained: “With all the uncertainty over interest rates at the moment, Kensington’s new capped rate mortgage gives borrowers complete security.
“The rates are highly-competitive and they can only ever go down, giving non-conforming customers total confidence in their budgeting.”
The capped rate option is available on Kensington’s ‘very low adverse’, ‘low adverse’ and ‘high adverse’ products for purchases and remortgages. The cap tracks the lender’s SVR, has no extended tie-in period and is free of any higher lending charge.
Street continued: “Not only have we listened to brokers when designing this new mortgage, we have actively gone out there with Enterprise and sought their opinions.
“Brokers know the mood of their customers and they understand that during this unsettled period, what borrowers want is a good, secure deal with no catches, backed by great service.”
Michael Clapper, chief executive of Enterprise, added: “Brokers are crying out for a product like this, a straightforward mortgage at competitive rates that removes any future stress from their customers’ shoulders.”
From 16 June Kensington will also be offering £250 cashback on all products across its standard range including near prime, right-to-buy and buy-to-let.
