Kensington withdraws high LTV products

Intermediaries have until 5:30pm today to submit a completed decision in principle with full property details. Notice was sent to intermediaries yesterday.

Full applications will need to be received by 5:30pm on Friday 30th September.

All applications that have already been received by Kensington on these products will be processed as normal.

A Kensington spokesman said: “August was a very big month for Kensington. We lent more than in any other time since our return to the intermediary mortgage market in 2009 and this strong growth has continued into September.

“As a consequence, we are nearing the end of current tranches on certain products. So in order that we can maintain consistency of service for our intermediaries, we are temporarily withdrawing the products from our range.

“Work has already begun on new products to replace these and we expect to come to market with a fresh product offering shortly.”

Andrew Montlake, director at Coreco, said: "It's a shame when anyone with products like that, which are much needed, have to withdraw and hopefully in due course they'll be replaced.

“But it is symptomatic for the times that lenders will have a limited amount of funding to lend at a certain level.

“Kengsinton has been very good coming into that space and hopefully we'll see them return soon with more products.”

David Whittaker, managing director at Mortgages for Business, said: “We're relieved to still being able to place buy-to-let deals at between 70% and 80% LTV deals for now.

“It'll be intriguing to see what products Kensington come back with later on in the year.”