Kensington launches product range

It includes a , broader product range that gives borrowers, brokers and packagers a choice of product features, pricing and access to Kensington’s market-leading service. Kensington has reduced its rates by up to 1.60% in certain product categories and introduced two product sets – ‘Simple Choices’ and ‘Extra Choices’ – to demonstrate its pioneering passion for providing transparent and competitively-priced mortgage solutions for the whole of the specialist mortgage market.

In addition, the company has upgraded its ‘Kensington Online’ system, with a first for packagers – direct online submission of applications from brokers to packagers – and a new binding decision online.

Based on customer research

The launch comes after research amongst packagers – via regular packager forums – and brokers – via a specially commissioned survey by Dataquest. The research found that, whilst 60% of brokers wanted to access Kensington’s products via a packager, 40% preferred to deal directly with Kensington and wanted simple, transparent products and binding decisions online to be able to do so.

Highlights of the new product range

- Kensington Choices, a range of products which includes 2 different product sets

o Simple Choices – for those introducers used to ‘prime’ type propositions, based on simplicity and ease of use, yet innovative as well

o Extra Choices – for those introducers more familiar with Kensington’s products and with specialist lending in general, based on more product and rate options

- Rates reduced by up to 1.60%

- 1 year discount from 3.95%

- 2 year discount from 4.80%

- 2 year fixed from 5.29%

- 3 year fixed from 5.19%

- Simple loadings approach to BTL, RTB, self-certified and flexible options

o e.g. BTL 2 year discount product at 5.30% (4.80% + 0.50% loading)

- Criteria enhancements

o BTL and RTB available for purchase and remortgage to 90% LTV

o BTL – unique flexible option and rental calculation now on pay rate

- Free valuation available to packagers and brokers until 31st March 2006

Highlights of the new online services

- Binding Decision online

- Online submission of applications from brokers to packagers

- Full Kensington Choices product range now available online

- Ability to switch between product sets during product selection section

- More calculators available – True Cost, Buy to Let and Flexible Calculators

Comment from Alison Hutchinson, Managing Director of Kensington Mortgages: “As the pioneers of the specialist mortgage sector, we are passionate about meeting the needs of the market. 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.

“With variable rates from 3.95%, fixed rates from 5.19%, Buy to Let and Right to Buy products to 90% LTV, flexible options on the whole product range and no Higher Lending Charges, we’re inviting the market to ‘Keep up with Kensington’ in 2006”.