Kensington launches capped rate product for sub-prime market

Kensington Mortgages has launched a competitively priced three year capped rate product designed exclusively for the non-conforming market.

This innovative product will be available across all of Kensingtons standard product range, with rates starting from as low as 5.60% p.a.

Keith Street, Director of Sales, says: The Kensington capped rate product is ideal for the present market environment where homebuyers are experiencing fluctuating interest rates.

“With this product our customers are able to budget efficiently, as their payments cannot go higher than the agreed capped rates. Similarly, if the interest rate falls below the capped rate, repayments will reduce.

This product was designed specifically to meet the changing needs of brokers clients.

“Our discussions with brokers confirmed our belief that there was a gap in the non-conforming market for competitively priced capped rate products.

“In fact, the rate is highly competitive when compared with a fixed rate.

Street adds: “Kensington Mortgages has been active in the mortgage market for 10 years and in that time has continued to develop innovative products that suit clients needs.