Brokers placing business direct with Kensington on its Simple and Extra Choice ranges will be able to offer clients the incentive of a free valuation, relieving the borrower of the up-front costs.
The lender is also working with packagers to help them develop incentives that will suit the needs of their brokers.
Kensington hoped the incentives would make life easier for brokers, whether they choose to do business directly with the lender or use a packager.
Ian Giles, director of marketing at Kensington Mortgages, said: “We are committed to the specialist mortgage market, and this means we listen to our brokers and packager partners about what borrowers want. Brokers said they wanted Kensington to bring back free valuations on its core range, and that is what we have done. Packagers wanted the freedom to design their own incentives on Kensington products and so we are working with them on an individual basis to deliver more tailored incentives. This is another example of Kensington reacting to the needs of specialist borrowers and being proactive in its relationship with brokers and packager partners.”
In the non-conforming market, free valuations are a very powerful incentive, commented Mark Chilton, managing director of Purely Mortgages. He said: “Kensington historically only dealt with packagers but has been moving towards direct business too. It will be interesting to see what incentives its packagers come up with.”
Mark Harris, director of Savills, added: “Anything that saves on costs is good for the consumer. Free valuations are particularly good for those remortgaging.”
