The products are available on Near Prime for customers with up to £500 of CCJs and Near Prime Max for customers with up to £1,000 of CCJs and one payment arrears in the last 12 months. Rates start from 5.85 per cent for a three year Near Prime fixed rate and 6.05 per cent for a three year Near Prime Max. The deals have a 1.5 per cent completion fee, which can be added to the loan above the maximum loan to value, reflecting demand from some customers to pay a higher completion fee for a lower rate – an option that can prove particularly cost effective for borrowers taking out larger mortgages.
The exclusive range also boasts a fees free remortgage package, enabling borrowers to benefit from a free valuation and free legal fees for a loading of just 0.25 per cent. Kensington joined the L&G Mortgage Club last month and the lender’s full range of specialist Adverse and Prime mortgages are available to all the Club’s members in addition to this exclusive remortgage range.
Ian Finan, head of Direct Distribution at Kensington, said: “It’s an exciting time for Kensington and all of our business partners as we continue to launch competitively priced innovative products, backed by the right mix of technology and human expertise to deliver consistently high service levels. We are delighted to be able to offer these fantastic exclusives to all of the L&G Mortgage Club members and look forward to developing even more ways helping our customers help their specialist mortgage clients.”
Martyn Smith, head of Mortgage Products at Legal & General, said: “We recently welcomed Kensington on board the Mortgage Club and expect these near prime deals to do very well. The days of ‘standard’ mortgages are long gone and specialist mortgages such as these are what the market is demanding.”
