Nice Loans.co.uk > News > Kensington drops Sub-Prime Loans
No Sub-Prime Loans
There are no sub-prime loans now on the portfolio of the lender Kensington Mortgages.
They announced that all of their sub-prime home loans will be suspended from today (23/11/07)
It says the market conditions prevailing at the moment are the cause of the move to remove its whole range of adverse products.
For people with poor credit ratings the choice of loans is often restricted to sub-prime or adverse loans.
The company, which was a pioneer in this sector and has made healthy profits from it in the past, has already been active in modifying its products and had already limited the size of its loans to 75% of a property's value.
It says it will also shortly re-price additional home loan products and will drop other mortgages like self-certified buy-to-let mortgages for first time borrowers.
The root cause of its problems are difficulties in securing funds from investors for adverse debt products.
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