Speculation mounts on Kensington prime bid
Mortgage Introducer has been informed that the specialist mortgage lender is planning to enter the prime market within the coming month.
A broker, who wished to remain anonymous, said: “Kensington should be launching into the market during the next few weeks, through a number of packagers. The deals will include employed and self-certification. From what I have been told, the deals seem to be competitive and it should attract some interest with its interest rates.”
He confirmed the lender had stated it had no plans to change its non-conforming proposition, but would be looking to hit the prime market hard after its initial launch.
Responding to the speculation, Ian Giles, director of marketing at Kensington, said: “As you might expect of a specialist pioneer like Kensington, we are certainly considering how we might bring our experience and expertise to this opportunity.”
Tim Hughes, head of intermediary markets at Nationwide, said: “I have not heard anything about it entering the market. If it is then it will push hard to establish a reputation. The jury will be out until we see what it can offer.”
Dev Malle, associate director at Pink Home Loans, said the move by Kensington would be good for consumers. He said: “I think it’s a good thing. A lot of mainstream lenders are moving into the niche market, while the niche players have moved more into mainstream. Ultimately it is good for the consumer as there will be greater competition, aggressive pricing and better rates. Kensington Mortgages is a strong intermediary brand and should be able to leverage a certain amount of benefit from this.”