Kensington Mortgages has entered the mortgage market in Northern Ireland with products up to 75 per cent LTV.
According to the lender, its entry makes Kensington the only specialist provider to operate across the whole of the UK.
Two- and five-year fixed terms are available on residential and buy-to-let products respectively, with rates in the lender’s ‘select’ range starting at 3.29 per cent on a two-year fix at 75 per cent LTV.
Craig McKinlay, new business director at Kensington Mortgages, said: “Although a small market, the Northern Ireland mortgage space has been growing over the last few years. Northern Ireland is also home to a rising population of self-employed workers, new business owners, and entrepreneurs.
“However, despite this growth, the market has not kept up with the evolving needs of these borrowers, who do not fit traditional lending criteria. The space is dominated by high-street banks and building societies – so there is an opportunity here to provide specialist, flexible solutions that do not currently exist.”
Kensington’s launch comes after another specialist lender, Bluestone Mortgages, predicted growth in demand for specialist lending to continue over the long-term, given the number of borrowers who could emerge from the pandemic with more complex borrowing needs.
chloe.cheung@ft.com
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