The new mortgage line-up, which is available from 1st March 2005, features rate cuts across the board, with one year fixed rates now starting from 4.45% and three year fixed deals starting at 5.60%.
Kensington has also introduced a Near Prime range, has increased the availability of its Right-To-Buy range to all categories of customer and levels of adversity, as well as announcing improvements to its Buy-to-Let offering. In addition, the £250 cashback and free legal fees offer on remortgages is being extended.
The new product range comes as Kensington Mortgages launches a new multi-channel distribution proposition, with an on-line system offering direct application submissions and a new Business Support Centre.
Alison Hutchinson, Managing Director of Kensington Mortgages, says: “This is the most extensive range of products we have ever offered, available at rates that make Kensington Mortgages the lender with the best combination of service and price in the non-conforming sector.
“With our new developments in distribution and support, more brokers, packagers and networks than ever before will be able to access our products and offer their customers the benefits that have earned Kensington a reputation for being the leading lender in the non-conforming sector.”
Kensington Mortgages has also reinforced its commitment to transparency and fairness to customers by not levying a Higher Lending Charge (HLC) on any of its products. Kensington claim that if intermediaries compare the cost of a Kensington mortgage against the true cost of most other comparable mortgages where a HLC is charged they will find that Kensington products are even more competitive.
Hutchinson explains: “Adding a HLC to a headline grabbing interest rate can make the cost of a mortgage much higher than most customers realise. Kensington does not levy a HLC, which means our products and pricing are much clearer, making them easier for intermediaries to recommend to their customers.”
Bill Warren, Compliance Director at Complete Mortgage & Loan Services Ltd says, "I can remember when Kensington Mortgages entered the market with what seemed at the time to many as a high risk approach to the non-conforming market. What a positive difference they have made to both the UK mortgage market and to "jo public". It’s good to see that they are continuing to innovate, lead and evolve to meet demands".
Rob Jupp, Managing Director of Essex based mortgage brokers OFM Group adds, “Kensington has long been a market leader in service. Their new criteria and pricing should enable them to successfully expand into new areas of the market such as near prime on the back of this reputation”
Andrew Goldsworthy of Chelmsford based packager LMS continues, “The Right to Buy market is still very active. It is good to see Kensington, who have a long tradition in the sector taking a fresh view at how non-conforming customers are able to purchase and improve their properties.”
