Kensington Mortgages has revealed that it will focus its resources on prime rather than sub-prime whilst the current market volatility continues...
- capped its sub-prime mortgage range at 75% LTV,
- increased rates across its adverse range
- and reduced rates on prime self-cert and buy-to-let products.
The current global capital market volatility means the cost of funding adverse credit mortgages is changing daily, as is investor appetite for mortgage portfolios. In the short-term, there will be no institutional investor appetite for portfolios containing high LTV adverse credit mortgages.
In an attempt to take advantage of the market when it recovers, Kensington took a decision to refocus its resources in the short-term on its range of prime mortgages and cap its adverse range at 75% LTV, increasing adverse rates at the same time. >>>>Kensington mortgages increases loan to value for sub-prime business to 75%http://firstrung.co.uk/articles.asp?pag ... lekey=7515
Kensington operate in Ireland as Start mortgages, both are owned by Investec (who also own Nua Homeloans)