Kensington Mortgages is looking to cater to the poor credit mortgage market with a new range of mortgages for the right-to-buy (RTB) sector.
The specialist mortgage lender sees the RTB area as a growing niche market that mortgage lenders of its ilk should be looking to provide mortgages for.
In a first move to establish a presence in this mortgage market, the mortgage lender has released a new mortgage range with loan-to-value of 90 per cent.
It is available at a fixed mortgage rate of 5.79 per cent over two years or 5.69 per cent over three years. The RTB option is available for a loading of 0.25 per cent added to the headline residential rates within the Simple Choices and Extra Choices product sets.
Ian Giles, director of marketing at Kensington, commented: "This is a stable, growing market and with the increase in the pre-emption period from three to five years, one that many packagers and brokers are targeting for further future growth.
" Remortgaging during this period is now a more realistic option for borrowers and these new rates give the perfect Easter excuse for brokers to contact their clients with specialist requirements in this market."
The mortgage lender is offering a number of features highly useful to borrowers in an adverse or uncertain situation regarding credit, including the options of taking payment holidays or making underpayments if circumstances change
It also offers borrowers the choices of overpaying to save on interest or drawing down the overpayment when extra funds are required and features no higher lending charges .
Poor credit mortgages launched in right-to-buy sector
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Poor credit mortgages launched in right-to-buy sector
Mon, 10 Apr 2006
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