Kensington Throws Borrowers Ccj Lifeline
Kensington has launched a range of two- and three-year fixed-rate prime deals from 5.99% that allow customers to have up to two CCJs or two unsecured defaults registered to their name in the past two years.
The deals of up to 70% loan to value are aimed at helping customers who have struggled to meet their commitments during the recession, but have returned to financial stability.
Customers will be allowed up to two CCJs totalling a maximum of £750, which must have been satisfied for more than six months, or two unsecured defaults, as long as there have not been any in the past six months.
In addition, Kensington has extended its distribution to all members of the L&G Mortgage Club, so including directly authorised brokers and appointed representatives of its existing distributors Openwork, Pink Home Loans, Personal Touch Financial Services, Mortgage Intelligence and Mortgage Next.
It plans to further open up its distribution to more intermediaries in the near future.
Charles Morley, head of sales and product development at Kensington, said:
“There is a lot of talk about new lenders, but actions speak louder than words. These products are available now and they are available to a huge number of intermediaries, both directly authorised and appointed representatives.”
Also
The Government has revealed a major expansion of the financial services offered by the Post Office, including a new mortgage product with a 90% loan-to-value ratio.
The Post Office is also looking to increase its lending significantly and is aiming to double the value of its mortgage book in the financial year 2010/11.
Lord Mandelson announced £180m of new funding for the Post Office in a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable.
Mandelson said: “Since the global banking crisis we have set about reinventing the financial services industry piece-by-piece, building a system that is fairer, trusted and more responsible.
“This is the next step in that process. The Post Office is a well-loved community institution and this move will bring more banking services back to the heart of those communities.”
The measures announced by the Government mark a step change in banking at the Post Office and demonstrate the Government’s ongoing commitment to the Post Office network.
The Post Office will also launch its own current account that will be accessible from any Post Office in the country and is in detailed negotiations with Royal Bank of Scotland and Santander to give access to their current accounts, meaning that around 86% of current accounts would be accessible at Post Offices.
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