Kensington sets tranches to keep distribution fair

Kensington has announced set tranches of mortgage funding to be shared equally between packagers and brokers from this morning.

The lender says the move is designed to inject fairness and transparency into its dealings with distributors.

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

Kensington is also reminding brokers that in order to guarantee funds for specific deals they, like packagers, must submit applications by 4.30pm each day.

A spokesman from Kensington 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.”