Kensington is launching a new lender, Money Partners Ltd, which will offer a range of first and second charge mortgage products via mortgage introducers that do not currently recommend Kensington products.
Kensington's finance director, Simon Kingdon, will be moving to MPL as finance director. Kensington will acquire the loans originated by MPL.
Chief executive John Maltby says: “Building on our recently reported 46 per cent increase in profits at the half year, we are pleased to announce the launch of a new lender - Money Partners Ltd). MPL will be an equity partnership between Kensington and an experienced management team and we expect the initiative to add significant, incremental first and second charge mortgage business to Kensington, broadening access to the high growth UK non-conforming market and maximising the value from our established expertise in this area.”