Kensington pulls out of sub prime
In a response to the continuing financial turmoil caused by the credit crunch, Kensington Mortgages has pulled its entire sub prime mortgage proposition. Intermediaries will have until the end of today, Friday 23 November, to submit cases for any of the lender’s adverse products. Ian Giles, director of marketing at Kensington, said: “There has definitely been a further tightening of funding in the last week or two. There is just no current appetite from investors for adverse credit portfolios.” Mr Giles said that Kensington would now focus its attention on its prime business as there was still funding available for whole loan sales of prime assets.
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