Kensington and New Street launch into Scotland

Kensington and New Street Mortgages have launched into Scotland from today.

Products are initially being distributed through Legal & General Mortgage Club, though they will be fully rolled out to brokers in March.

Kensington’s ‘select’ residential range is available, with products between 75% and 85% loan-to-value and rates starting from 2.69%.

And New Street’s buy-to-let offering is being distributed, with rates starting from 1.99% for a 2-year fix at 65% LTV.

Steve Griffiths, director of sales and distribution, Kensington, said: “Being Burns Night, we thought it would be an ideal day to launch our exclusive ranges in Scotland through selected partners from Legal & General’s Mortgage Club.

“We feel there is a lack of choice out there for customers in Scotland who need individually tailored solutions, and we hope our expansion here will be able to provide those borrowers with complex incomes a solution that recognises their real life circumstances.”

In England and Wales Kensington has launched large loan rates from 2.44% for a 1-year fix and 2.79% for a 2-year fix.

Across England, Wales and Scotland new build clients will now be able to access residential and select range rates, with a builders deposit of up to 5% accepted and an offer period of 180 days available (with an extension possible).

In addition, Kensington will also now assess affordability for families, taking into account 100% of child benefit for children up to 13 years old where the income does not exceed £50,000.

Danny Belton, head of lender relationships, Legal & General Mortgage Club, said: “It is positive to see Kensington and New Street enter the Scotland market and we are very pleased to support the brands with this exclusive launch.

“Kensington and New Street will bring a much needed offering to the market in Scotland, which is largely underserved by specialist lenders. The move is great news for brokers and customers alike and we are excited to help the brands in their next steps.”