Kensington Personal Loans (KPL) will offer products to a range of borrowers, from near-prime to unlimited adversity, with criteria such as self-certification up to 90 per cent LTV for clients with arrears (maximum income limits apply) and loan amounts up to £100,000.
The products will initially only be available via a small number of packagers, so that Kensington can monitor and maintain its high service standards, before a full roll-out in the near future. They will include features such as no minimum trading levels for self certification, self-employed borrowers and a self-certified option for employed borrowers on up to 20 per cent of earnings.
Alison Hutchinson, managing director of Kensington Personal Loans, said: “A decade ago, Kensington Mortgages pioneered a new way of lending for the first charge market and now we are taking this approach to support the transformation of the secured loan sector. Our products have been designed to meet the needs of our customers, resulting in unique features on both our secured loan and related insurance products, including no minimum trading for self certification, self-employed applicants and self certification for employed applicants. Our service is built on Kensington’s high standards and focuses on speed of decisions and pay out, with dedicated relationship underwriters and same day payment to customers. In addition we are seeking to lead the way in preparing for future regulation and we will be the only player in our market to move to 1+1 redemption charges across our full range of loan products, as well as features such as “back to day one” benefits on our insurance products.”
The KPL approach aims to provide - excellent products, rapid decisions, transparent marketing support and excellent service.
Demand and interest from intermediaries has been high, with many involved in discussions that have shaped the proposition.
Gerry Lafferty, sales and marketing director at Access Broker Services, said: “Access Broker Services are delighted to be one of Kensington’s packaging partners for the launch of their secured loan products. Kensington have brought some unique selling points to the market which I am sure will be very interesting for intermediaries who are looking to move into the fast growing secured loan market. With a company like Kensington moving into the sector, secured loans have got to be viewed as a serious market now. We are looking forward to developing a long and successful working relationship with them.”
Carl Kroger, managing director at Relax Finance, said: “Relax Finance is proud to have been chosen to be part of the KPL launch offering. Relax operates in the intermediary market and having Kensington as a business partner adds weight to our campaign to get secured loans recognised as an alternative product offering as part of best advice. KPL’s products are innovative and customer focused and all of us at Relax Finance look forward to working with KPL long into the future.”
