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For those individuals who currently hold mortgages with the provider Kensington this may be of interest…..

Investec announced the sale of Kensington Mortgages yesterday morning to investment firms Blackstone and TPG in a deal worth £180m.The sale was rumoured in February when Investec confirmed it was looking to sell Kensington.

Investec announced to the stock exchange yesterday morning that Blackstone and TPG had bought Investecs mortgage arm, and Investec have stated that  the sale is based on Kensington’s tangible net asset value of £165m.

Completion is expected towards the end of 2014 and is subject to anti-trust and regulatory approvals, including approval from the UK Financial Conduct Authority and finalisation of the purchaser’s financing commitments. Barclays former COO Ian Henderson  is said to set to become the new chief executive at Kensington Mortgages once the sale is complete according to Sky News.

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