Range includes new loan-to-value categories of 82.5%, 87.5%, and 92.5%
Specialist lender Kensington Mortgages has introduced its new Mid LTV product range aimed at providing more flexible options for residential clients.
The range includes new loan-to-value (LTV) categories of 82.5%, 87.5%, and 92.5%, supplementing the lender’s existing LTV options of 80%, 85%, 90%, and 95%.
The Mid LTV products offer rates for customers in the traditional 5% incremental LTV brackets and are available to those who qualify under Kensington’s Select criteria.
Read more: Kensington cuts rates and fees on high LTV products
The newly launched products include two- and five-year fixed-rate options, with the two-year 82.5% LTV product available at 6.27% with a £999 fee, or at 6.52% with no fee for valuations. For those remortgaging, the package includes free legal services or £250 cashback. The five-year option at the same LTV offers rates of 6.07% and 6.17%, with similar benefits.
The 87.5% LTV product has a two-year option at 6.74% with a £999 fee, and a five-year rate starting at 6.47%. The 92.5% LTV, targeted solely at purchasers, offers a two-year fixed rate of 7.24% with a fee, or 7.47% with no fee, both including a free valuation.
“The launch of our Mid LTV range speaks to Kensington’s commitment to continuing to innovate, making brokers’ lives easier, and helping more people to own their home,” said Vicki Harris (pictured), chief commercial officer at Kensington Mortgages.
“The new offering aims to ensure that customers can access the right product for their specific needs and that they are not forced into a higher LTV when making their purchase, so they effectively only pay for what they need.”
Read more: Your guide to Kensington for intermediaries
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