Urgent Product Withdrawal Notification – 90% Loan to Value Bad Credit Mortgage Withdrawn Until Further Notice
We have received notification that Kensington Mortgages are withdrawing the 90% loan to value mortgage product today (21st September 2011) at 5:30pm and all applications must be submitted prior to this to secure the product.
They have processed a large amount of business on this product and had originally allocated a limited tranche of funds which is now running low, hence the urgent withdrawal notification. The 85% loan to value product is still available and this still puts Kensington out on their own with regards minimum deposit requirements as the other specialist bad credit mortgage lenders still require at least 20% deposit on their products.
As this has been a popular product from Kensington Mortgages, it is likely that there lending book has become a little top heavy, favouring the higher loan to value cases and they need to channel more business through the lower loan to value products to balance the books.
The lender has no idea if and when the 90% product will return but we will update our blog as soon as we receive any more product news.