Kensington says it will definitely not be withdrawing its sub-prime mortgage products from the market.
This follows news that two Investec-backed lenders, Unity Homeloans and Infinity Mortgages, will withdraw their entire sub-prime mortgage range with immediate effect.
A spokesman for Investec says that it will not comment on either Unity Homeloans or Infinity Mortgages decision to withdraw its products as it only provides the funding for the lenders, stating that it does not own them.
Kensington – which completed its deal with new owner Investec this week – says it is dedicated to the market.
A Kensington spokesman says: “Since 1995 Kensington has pioneered lending to borrowers with adverse credit, developing a sustainable proposition, built on pricing for risk, that has proved robust throughout a number of economic cycles. Kensington continues to originate quality assets with our asset performance continuing to improve – bucking the current trend in the UK market and further demonstrating the strength of risk management. “
“We remain committed to the specialist mortgage market, including adverse credit, self-cert and buy to let. As one of the proven, experienced high-quality lenders in this sector and under new ownership of Investec, the market can expect more from Kensington.”