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KMC offers new loan range

Sub-prime lender Kensington Mortgage Company is offering a raft of

non-conforming fixed and discount rate loans for borrowers with minor

credit difficulties.

The lender, which floated on the London Stock Exchange last November, has

set up seven loans which it believes will attract a more diverse range of

borrowers.

Available for purchase or remortgage, the loans are fixed until January

2003 and offer rates from 5.99 per cent to 6.49 per cent depending on

credit history and loan to value.

Income multiples are 3.5 times single income or three times joint income.

Borrowers unable to prove inc-ome can also apply.

Kensington is also offering a 1.25 per cent discounted variable rate loan

until January 2003. Under current interest rates, borrowers pay 6.75 per

cent during the discounted period before switching to the lender&#39s variable

rate of 8 per cent.

For borrowers looking to enter the letting market, Kensington is launching

buy-to-let loans at rates from 6.74 per cent to 7.24 per cent. Brokers get

0.5 per cent of the loan to a maximum £2,500.

Chief executive John Maltby says: “We are committed to meeting the needs

of borrowers in the non-conforming market.”

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