Starling Bank has purchased a mortgage portfolio worth £1bn from Kensington Mortgages.
In Brief:
Kensington Mortgages focuses on consumers that are underserved by high street banks.
Many of its customers are self employed.
This follows Starling Bank’s acquisition of Fleet Mortgages.
What does this mean?
Starling Bank is seeking to rival incumbents in the space by offering lending products like business loans and mortgages, and purchasing a portfolio that caters to self-employed people is also an interesting area of focus for Starling since it has a prominent business banking marketplace for small businesses and sole traders.
