Kensington sets 4.30pm deadline for applications

Kensington Mortgages has given packagers and brokers a 4.30pm deadline to submit applications each day.

It has also set tranches of mortgage funding to be shared equally between packagers and brokers.

The move is an effort to inject fairness and transparency into its dealings with distributors.

The lender says this will enable it to provide brokers with certainty in an uncertain environment.

A Kensington spokesman says: “We have rolled out tranches for our core broker and packager products to address more transparently the limits of funding in the market.

“Each month funds will be allotted and when the limit is reached the product will no longer be available.”