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Kensington ups value of completions by 20% in October

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  • 18/11/2015
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Kensington ups value of completions by 20% in October
Kensington Mortgages has reported a record month in October, with the number of applications increasing by 50% and completions by 18%, the highest level since the lender relaunched in 2009.

Compared to the same period in 2014, Kensington has seen the value of applications increase by 60% and the value of completions rise by 20% in October.

The lender said this made October 2015 the strongest month for applications and completions since the global banking crisis.

Kensington’s second, third and fourth biggest days for new lending all fell within October. Kensington added the performance reflected its increased appetite to lend.

In January, Kensington was purchased by private equity buyers Blackstone Tactical Opportunities and TPG Special Situations for £180m.

The lender also announced in September the launch of its interest-only mortgage up to 75% loan-to-value for customers earning £75,000 or more.

Steve Griffiths, head of sales and distribution at Kensington (pictured), said: “These strong figures are testament to our determination to drive the growth of the business since Kensington was purchased by new owners in January.

“It’s been a busy year, and we have been working hard to deliver a huge programme of change to successfully move into our new operating environment and improve our core product range,” he added.

“Alongside all of these developments, we will continue to enhance and improve our offering with some exciting developments that we look forward to talking about early next year.”

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