Kensington pulls 85% BTL and 90% residential deals
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Kensington is pulling its 85% LTV buy-to-let deals and its 90% LTV residential mortgages tonight.
The lender says it has had a bumper August and is nearing the end of its current tranches.
A spokesman for Kensington, says: “Kensington had a record breaking month in August, lending more than in any other month since our return to the intermediary mortgage market in 2009 and continuing the strong growth we have seen in 2011.
“As a consequence, we are nearing the end of current tranches on certain products and, in order to maintain consistency of service for our intermediaries, we are temporarily withdrawing these products from our range.
“We are already working on new products with great rates and criteria that we expect to launch shortly.”
Kensington increased its LTV to 85% from 75% in February and launched its 90% LTV deals in May.
It will still offer 80% LTV on its buy-to-let deals and 85% LTV on its residential range.
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Readers' comments (14)
bob dobalina | 21 Sep 2011 9:56 am
Storm clouds are gathering.
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colin | 21 Sep 2011 10:29 am
"in order to maintain consistency of service for our intermediaries"
hadn t noticed a change......its always painful
LOL
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Will Reid | 21 Sep 2011 10:29 am
Still not lending in Scotland either :(
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Rod Moulton | 21 Sep 2011 10:55 am
Although it's understandable to advise withdrawal of products once the allocated tranche starts to run dry but i'm sure the intermediary market would prefer a seamless transition of products in order to best offer service to their clients; a (potential) hiatus from the lender is not helpful.
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Luke Atkinson | 21 Sep 2011 11:13 am
This reminds me of their communication in 2008...just before they left the market.
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Sue | 21 Sep 2011 11:19 am
That 85% loan appeared to be a headline attention-getting rate. Is there anyone out there who actually obtained one of those 85% loans?
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Anonymous | 21 Sep 2011 12:36 pm
It's just a product withdrawal, Why is everyone so negative!
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colin | 21 Sep 2011 1:15 pm
Sue
Yes indeed, i obtained two of those for one client!!!!!!!...........but boy was it an uphill struggle. He had sold a car for some of the deposit(he was a car trader) and we had to provide a bank statement, receipt, copy of the V5, six months bank statements, accounts, mortgage statement, ........blood sample, DNA & Urine sample!!!!!!!!.....i jest about the last three but would not have been surprised!!!!!!!
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spongebob | 21 Sep 2011 2:12 pm
colin,
I presume if you were lending someone e.g £70,000+ you would want to know they can pay it back aswell.....wouldn't you?
I really just cant understand why advisors moan when they are asked to see a clients credentials etc. In my view they should start asking for much much more. The client/broker is lucky that an institution is willing to lend that amount of money, and they get annoyed when the lender asks, oh how is mr joe bloggs going to pay us back??
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john | 21 Sep 2011 2:29 pm
So negative ... it must have been a popular product if its reached its tranche. They have been on big recruitment drive so they are hardly gearing up to close down.
Who cares what they want ... your getting the loan to value, just provide what they ask for, accept it and move on!
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