Barclays to buy UK specialist lender Kensington Mortgages

Barclays has agreed to buy UK specialist lender Kensington Mortgages from private equity firms Blackstone and Sixth Street, to expand its presence in the mortgage market. Barclays said it expected to pay about £2.3bn, on the premise that the deal was completed by December and Kensington's mortgage book comprised £2bn of loans by that point. The move comes amid fierce competition in the UK mortgage market and as interest rates rise, providing a boost to lenders' income. Kensington, which is based in Maidenhead, is a specialist mortgage lender that focuses on providing residential home loans through brokers to those who might struggle to borrow from the large high street banks, such as the self-employed. Matt Hammerstein, chief executive of Barclays Bank UK, said the deal "Reinforces" its commitment to the UK residential mortgage market and "Presents an exciting opportunity to broaden our product range and capabilities".

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