Kensington reduces range to 75 per cent LTV but still accepting applications

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  • 26/03/2020
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Kensington reduces range to 75 per cent LTV but still accepting applications
Kensington Mortgages is accepting new mortgage applications but has reduced its range to a maximum of 75 per cent loan to value (LTV).

 

However, the lender has been hit by the restrictions imposed upon valuers and others involved in the process.

The lender told Specialist Lending Solutions that it was continuing to accept applications but it would only be able to progress these to the valuation stage at present.

Kensington Mortgages new business director Craig McKinlay said it was an unprecedented time for everyone and that customers, lenders and the wider industry must all work together.

“We’ve decided to remove some of our product ranges to try and protect our customers during this uncertain time,” he said.

“However, we have absolutely no plans to pull our full range and are in a strong position with our funding. We will continue to monitor the current environment and are in close contact with UK Finance to keep up to date with official guidance and industry best practice in these exceptional times.”

On the issue of valuations he added: “We have an industry wide challenge obtaining physical valuations and we are working on a contingency solution which we hope to have in place soon.

“However, in the meantime any new cases will not proceed past valuation until this is resolved.”

 

Masthaven

Masthaven is still accepting new applications, but did not give any more details about alterations to products or processes.

 

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