The range includes products for every type of adverse borrower and is available from 5.40 per cent for a 3-year Near Prime fix.
Offering reduced rates, the deals have a 1.5 per cent completion fee which can be added to the loan above the maximum LTV – reflecting the demand for paying 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 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.
Stewart Rennie, product development manager at Network Data said: “We are delighted to pass these fantastic exclusives on to our intermediaries, who I am sure will recognise the great deal that Kensington are offering. These products are only available through our Packaging Team, and with a Kensington On Site Underwriter at our Head Office, this means we will be able to process the intermediaries case in a quick and efficient manner.”
Keith Street, director of sales at Kensington, added: “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 Network Data 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.”
