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Kensington withdraws core residential mortgages and raises minimum loan size

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  • 08/12/2020
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Kensington withdraws core residential mortgages and raises minimum loan size
Kensington Mortgages has temporarily withdrawn its core range of residential mortgages.

 

The lender has also increased its minimum loan size to £80,000 and removed all right to buy products.

Craig McKinlay, new business director, Kensington Mortgages (pictured), said: “We have seen a strong increase in demand and delivering a high standard of service to our brokers is important to us.

“To continue to do this, we have temporarily withdrawn some of our product range due to the high volume of applications and to manage our service levels. We are constantly keeping our products under review and will notify our brokers as soon as possible when we relaunch these.”

It comes as Kensington launches in Northern Ireland, which takes the specialist lender’s coverage to the whole of the UK.

The lender said it will be offering both its residential and buy-to-let deals to brokers in Northern Ireland.

Deals in these ranges go up to 75 per cent loan to value with rates starting from 3.29 per cent.

The expansion comes ahead of Kensington celebrating its 25th birthday in 2021.

McKinlay added: “Although a small market, the Northern Ireland mortgage space has been growing over the last few years.

“Northern Ireland is also home to a rising population of self-employed workers, new business owners, and entrepreneurs. However, despite this growth, the market has not kept up with the evolving needs of these borrowers, who do not fit traditional lending criteria.

“The space is dominated by high-street banks and building societies – so there is an opportunity here to provide specialist, flexible solutions that do not currently exist.

He added that after launching in Scotland two years ago, expanding into Northern Ireland was the next step.

 

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