The move coincides with the launch of Kensington Choices, which sees a reduction in rates across much of the specialist lender’s product range and a move into two product sets: ‘Simple Choices’ and ‘Extra Choices’.
The move is aimed at making the Kensington system more accessible for intermediaries and they are hoping, especially through the ‘Simple Choices’ mould, to attract more brokers to do business with them.
Alison Hutchinson, managing director of Kensington Mortgages, said: “With the launch of Kensington Choices, we have responded to our customers’ requests for price-competitiveness, transparency and online functionality. 2005 was a year of growth for Kensington and this year will see an acceleration in the introduction of new propositions, new online services and new forms of support for our business partners.”
Other products enhanced include increasing the maximum loan-to-value on right-to-buy and buy-to-let to 90 per cent, while its buy-to-let product comes with flexible options previously unseen in the non-conforming market. Landlords can overpay to build up the amount of flexibility, meaning they can underpay or take a payment holiday if the house is unoccupied or drawdown on the mortgage to fund repairs.
Also in the pipeline is a text-messaging service which will allow brokers to be updated of the progress on their client’s application. This is expected later in the year.
Michael Brill, director of Baronworth Investment Services, said: “The rates are competitive and although the completion fee is quite high, it’s worth paying to get the flexibility on the buy-to-let mortgage. Also, the 125 per cent pay rate is good as many lenders do 130 per cent pay rate or 130 per cent base rate. I would recommend it to the right client.”
