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Barclays to buy Kensington Mortgages as interest rates rise

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Barclays is to buy the specialist mortgage lender Kensington Mortgages for £2.3bn, in a dash for mortgage books as interest rates rise.The acquisition comes at a time of intense competition in the mortgage market, and as rising interest rates provide a boost to lenders.Kensington is being sold by its private equity owners, Blackstone and Sixth Street.

The sale comes after an auction process that attracted interest from a number of bidders.Kensington focuses on the self-employed and those with variable incomes, segments that leading banks often do not serve.

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