All of Kensington’s new build mortgages include a six-month offer period as standard.
Kensington has overhauled its mortgage offering, launching a range of specialist new build and large loan products.
The lender’s new build mortgages are designed for borrowers with complex circumstances to purchase a new property.
They offer a maximum LTV ratio of 85% on new build houses and new build flats, with rates of 3.79% up to 75% LTV, 4.04% up to 80% LTV and 4.54% up to 85% LTV.
All of Kensington’s new build mortgages include a six-month offer period as standard, but borrowers are able to extend this period if the property is still not ready for completion. Each mortgage application is assessed on a case-by-case basis.
Kensington has also cut rates across its existing range by up to 1.10%, with products standing at 3.54% up to 75% LTV for 2, 3 and 5-year fixed rates for residential, and rates from 2.84% up to 80% LTV for buy-to-let.
Steve Griffiths, director of sales and distribution at Kensington, said: “This is a big launch for the specialist mortgage market. We are introducing some significant rate cuts across our range, large loan mortgages with no completion fee and a dedicated new build proposition.
“At Kensington, we think that new build shouldn’t be limited to customers who meet the standard lending criteria. We’re opening up a new product range to give more customers the opportunity to own a new property, even if they have complex financial circumstances.
“Our new premier products for large loans come with no completion fee and we have introduced a 1-year fixed rate with no overhanging Early Repayment Charges.”
The specialist mortgage lender has also launched new products in its premier range for large loans with no completion fee.
Rates are available for 3.59% for residential and 3.89% for buy-to-let and the lender has introduced the option of a 1-year fixed rate with no overhanging Early Repayment Charges.
Jeremy Duncombe, director, Legal & General Mortgage Club, said: “Kensington have become an important partner for Legal & General Mortgage Club in our bespoke new build proposition. By concentrating on what brokers and customers need in the new build market, we have been able to challenge the reliance on just 2 lenders and provide genuine choice.
“Kensington have listened to those needs, and their specialist new build proposition will expand choice and expertise in the sector”
Islay Robinson, chief executive of Enness Private Clients, added: “This is a fantastic opportunity for those in need of a new build mortgage, especially for customers with complex circumstance and adverse credit. Most lenders will also only offer a maximum LTV of 65% on new build flats, so 85% LTV is quite outstanding.
“On the re-priced core products a five year fixed rate as low as 3.54% is impressive enough, so the fact this comes with no arrangement fee is even better for those whose funds are tight. We find clients with previous defaults often need longer term security and structured monthly repayments when getting back on their feet, which is exactly what this product provides.”
“It is excellent to see finance becoming affordable and accessible for customers in unique situations, through more lenient terms of lending that would usually be loaded with premiums.”
