Kensington charges into secondary loans

Kensington Mortgages, the specialist non-conforming lender, is entering the second charge loan market.

Kensington Personal Loans is offering products to a range of borrowers, from near prime to unlimited adversity, with criteria such as self-certification up to 90% LTV for clients with arrears and loan amounts up to £100,000.

The products will initially only be available through a small number of packagers, so that Kensington can monitor and maintain its service standards, before a full rollout in the near future. The new secured loans will include features such as no minimum trading levels for self-certification, self-employed borrowers and a self-certified option for employed borrowers on up to 20% of earnings.

‘A decade ago, Kensington Mortgages pioneered a new way of lending for the first charge market and now we are taking this approach to support the transformation of the secured loan sector,’ claimed Alison Hutchinson, managing director of Kensington Personal Loans. ‘Our products have been designed to meet the needs of our customers, resulting in unique features on both our secured loan and related insurance products.’

Kensington will focus on fast decisions and same day payout to customers. ‘In addition we are seeking to lead the way in preparing for future regulation and we will be the only player in our market to move to 1+1 redemption charges across our full range of loan products, as well as features such as ‘back to day one’ benefits on our insurance products,’ Hutchinson said. ‘Demand and interest from intermediaries has been high, with many involved in discussions that have shaped the proposition.'

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