Kensington signs deal with TMPC

Kensington Mortgages has signed a distribution and packaging deal with The Mortgage Placement Company.

Brokers can access the full Kensington product range under the new arrangement, which the lender expects will pull in “significant” volumes of business.

TMPC already has a branded lending relationship with Mortgages PLC, whose products overlap some of the Kensington range. But both lenders insist the new TMPC agreement is healthy for everyone.

Keith Street, general manager of sales at Kensington, says: “Our product ranges can complement one another in certain areas. TMPC has potential to become a significant player with us.”

And Peter Beaumont, sales and marketing director at Mortgages PLC, says: “It&#39s healthy for packagers to have a number of lenders on their panel and I think this has enhanced our relationship with TMPC. Of course there is crossover, but we&#39re as good as the product and service we provide – if it&#39s poor, brokers will go to Kensington.”

TMPC will part-process and package loans for Kensington, but has no immediate plans for branded or correspondent lending.

Street adds: “We&#39ve never been involved in correspondent lending and it won&#39t happen in the foreseeable future.”

Edwin Coughtrie, managing director of TMPC, says: “This is another string to our bow. We always want to give choice to brokers. This agreement reflects the growing demand for choice from our clients in the non-conforming market.”