Mortgage Times launches Time2Fix range

The range will be exclusive to its members and includes reduced fees and improved criteria. Differences include a residential self-certification rate of 5.99 per cent fixed for two years, £250 cashback, and borrowers can have £500 of unsatisfied CCJs and unlimited defaults. There is a completion fee of £795 and a procuration fee of 1 per cent is payable to brokers.

Chris May, director of the Mortgage Times Group, said: “We have a fantastic relationship with Kensington Mortgages and have been working hard to expand this product offering. Our distribution power has enabled us to negotiate not only products that are rate-driven, but also an enhancement on Kensington Mortgages’ criteria by incorporating £500 unsatisfied CCJs together with unlimited defaults.”

Keith Street , director of sales at Kensington Mortgages, said: “We are pleased to support the Mortgage Times Group with this initiative, which gives even more flexibility to introducers and their customers. We have successfully worked alongside the Mortgage Times Group for a number of years.”

Kim Barrett, of KS Barrett & Associates, said: “This sounds like a good product, but there are equally good products out there. In general, it has probably got good terms, but you must always look at the specifics. Kensington Mortgages is an adverse credit lender and is good for clients with CCJs and bad credit histories, but you cannot compare it with a mainstream lender who can offer better rates. You have always got to be aware of add-on fees hidden behind the headline-grabbing interest rates and factor them in when talking to a client. Plus, you have got to ask whether that particular mortgage lender will be at the forefront of interest rates in three years time when you want to renegotiate the deal.”