Kensington refocuses on prime

Tuesday, September 18, 2007

Kensington says it is taking the view is that, in the short term, there will be no institutional investor appetite for portfolios containing high LTV adverse credit mortgages.It has therefore taken the decision to refocus its resources in the short term on its range of Prime mortgages and temporarily cap its Adverse range at 75% LTV, increasing Adverse rates at the same time.

To guarantee current rates and criteria, applications must be signed, dated and received by close of business on Friday 21 September. The new Prime rates and new Adverse rates and criteria will come into effect on Monday 24 September.

Ian Giles, Director of Marketing, said: “As you might expect from an experienced lender like Kensington, in the case of our adverse credit mortgage range, we will continue to protect our long term future through exercising caution in the short term. And, with the success we have already had with our range of Prime Self-Cert and Buy to Let mortgages, since launching them late last year, it makes sense to refocus our resources on the prime sector, until investor appetite for higher adversity mortgage portfolios returns.”