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Cashback loan from Kensington

Kensington Mortgage Company is offering a 1 per cent cashback product through Private Label.

The cashback is available up to £5,000. Commission is 1 per cent of the loan up to £1,000.

Kensington charges interest rates of Libor, currently 7.6 per cent, plus between 3 and 4.5 per cent depending on the number of county court judgments the borrower has.

Redemption penalty is five months&#39 interest in the first year, four months&#39 in the second and three months&#39 in the third.

Kensington lent about £300m last year to borrowers with a poor credit history. It accounts for about half of completions in the sub-prime market.

Private Label executive chairman Stephen Knight says: "Kensington became the first of the new breed of specialist non-conformist lenders offering mainstream terms such as Libor-linked loans and no redemption charges after three years.

"We are delighted to be offering this exclusive cashback on a specific tranche."

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