From today, Paradigm members will be able to access Kensington’s prime range of residential and buy-to-let mortgage products.
Residential products offer LTVs up to 80% and fixed rates from 4.99%.
Kensington does not rely solely on credit scoring for borrowers, and will consider up to two CCJs and defaults on residential loans.
The lender also offers self-employed lending for those with 12 months’ accounts and will consider up to 100% of bonus, overtime and other declarable income.
Brokers can expect feedback on all applications within 24 hours.
The buy-to-let range lends on portfolios of up to £2 million or 10 properties with a rental cover of 125% of pay rate. Fixed rates are from 5.69% up to 75% LTV.
Kensington will also accept borrowers with up to two credit report status notifications in the past 12 months of previously late but now paid payments on any individual unsecured agreement.
Bob Hunt, chief executive of Paradigm Mortgage Services, said: “Paradigm is committed to ensuring our members have access to a wide range of lenders and products ranges which will ensure they can meet their client’s needs in what continues to be a tight marketplace.
"The addition of Kensington to our panel will be a real benefit to members because of its approach to clients whose lives may have been impacted because of the recession.
“Kensington’s underwriters are able to make objective lending decisions based on a customer’s circumstances, not just the credit score, which means that Paradigm member firms now have more opportunity to find the right deal for their prime clients.”
Jeremy Squibb, an IFA at Kelsall Steele based in Truro and member of the Paradigm Partnership welcomed the addition of Kensington to the panel, and said the deals looked competitive.
He said: “In the past Kensington offered high-risk deals, but it’s good to see they’ve relaunched with a pretty decent range of prime and more standard products.
"I’m especially pleased that on the buy-to-let side they’re considering borrowers who’ve maybe had some difficulties in the past but are generally good prospects.
“So many lenders have just pulled the shutters down completely.
"Often it’s those people who need more assistance, so the fact that Kensington is going just a little outside the normal criteria is good news.
"It gives the client a fair opportunity to get themselves sorted and back on their feet, and maybe then able to get back onto a mainstream deal in the future.”
Charles Morley, head of sales and product development at Kensington, added: “As the country recovers from recession we know there are significant numbers of customers who cannot get a mortgage either because they have experienced a blip during the downturn and have since got back on their feet financially, or even because they have taken the opportunity to become self-employed.
“Our products look beyond the surface of a customer’s circumstances, which means Kensington may be able to help where others cannot. So it’s great news that we can take this approach to provide more choice to members of Paradigm and new options for their clients.”
