Available from 5.40 per cent for a three-year Near Prime fixed rate, the deals feature reduced rates and have a 1.5 per cent completion fee that can be added to the loan above the maximum LTV, reflecting demand from some customers to pay a higher completion fee in return for a lower rate – an option that can prove particularly cost effective for borrowers taking out larger mortgages.
The deals, which are funded by Kensington are among the first exclusives to be launched by the lender since it was purchased by South African investment bank, Investec and, with highlights such as a ninety per cent Near Prime Self Cert at just 6.24 per cent fixed for two years, they represent the first evidence of what the combination of Investec’s strong balance sheet, access to lower cost of funding and capital markets expertise, together with Kensington’s reputation for innovative products can mean for mortgage intermediaries.
Chris Smith, Optoma’s New Business Manager, said: "We’re very pleased to be able to offer these new products to our users and anticipate that the new partnership between Kensington and Investec will mean more exciting opportunities in the future.”
Keith Street, Director of Sales at Kensington, said: “In a rising interest rate environment more borrowers are looking for the certainty of a fixed rate, and we don’t think they should have to pay through the nose for the privilege. These fantastic deals are the first evidence of just what Kensington’s partnership with Investec means for the market, and we look forward to working with Optoma to ensure our customers don’t just receive a great deal, but outstanding service as well. These are very early days and just a glimpse of the shape of things to come from Kensington. Watch this space for more exciting developments, and expect more from Kensington in the near future. “
