Banks look to buy Kensington Mortgages
There are reports in the press suggesting Goldman Sachs, Virgin Money and Metro Bank are all interested in buying Kensington Mortgages. This is a positive sign for the mortgage market.
Kensington is a specialist broker lender offering mortgages to applicants with more complex financial situations. They specialise in lending to applicants with limited accounts, minor credit blips and working on a contract basis.
The lender is currently offering mortgages where the high-street will not and they supply approximately £40 million of mortgages each month.
Trinity Financial recently arranged a mortgage for a company director with limited accounts. He took a two-year fixed rate mortgage which was slightly higher than some of the other rates high-street lenders are offering.
It was priced at 3.44% and our client had a 25% deposit to access it. The arrangement fee was £999 and, after the fixed rate period, the mortgage reverts to LIBOR plus 4.10% - currently 4.65%. The APR is 5%.
March 6, 2014
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
