It lowers rates across selected residential and BTL products by up to 96bps
Specialist lender Kensington Mortgages has announced a reduction in mortgage rates, alongside the introduction of new options within its residential and buy-to-let ranges.
The adjustments see rate decreases of up to 20 basis points (bps) across selected residential mortgages, including offerings within the lender’s Select, Core, Hero, Young Professionals, eKo £1,000 Cashback, eKo £500 Reward, and Property Plus ranges.
As part of the latest reprice, Kensington now offers a five-year fixed rate at 5.29%, a three-year fix at 5.49%, and a two-year fixed rate at 5.59% within its Select range, all up to 75% loan-to-value (LTV) with a £999 fee.
Additionally, Hero mortgages feature a five-year fixed rate at 5.19% and a two-year fix at 5.49%, both up to 75% LTV with a £999 fee. The five-year fixed rates for eKo £1,000 Cashback and eKo £500 Reward green mortgages, up to 75% LTV, have been adjusted to 5.39% with no fee.
Kensington, which also offers a minimum £250 cashback for all its residential and buy-to-let mortgages, has introduced more options for residential clients with smaller deposits, including no-fee options at 95% LTV. For instance, the five-year fixed rate now includes a 7.44% option with no fee and a free valuation, alongside another option at 6.94% with a £1,299 fee. Similar options are available for three-year and two-year fixed rates.
For buy-to-let, Kensington has reduced rates by up to 96bps across selected products, including house in multiple occupation (HMO) and multi-unit block (MUB) mortgages. Rates now start from 5.19% for a five-year fixed rate, 5.29% for a three-year fix, and 5.59% for a two-year fixed rate, based on 75% LTV and including a 2% fee. These rates also apply to limited companies.
In addition, Kensington now offers new two- and five-year fixed special rate BTL products for landlord clients, all with free valuations. These include two-year fixed rates at 4.15% for 70% LTV and 4.54% for 75% LTV, as well as a five-year fix at 4.49% for 75% LTV, all with a 5% fee. There are also options with a 3% fee.
For landlord clients with HMO or MUB mortgages, Kensington has introduced a five-year fixed special rate at 4.69% up to 75% LTV and a two-year fixed rate at 4.24% with 70% LTV, both including a 5% fee. Kensington, however, pointed out that these special rates are subject to withdrawal at any time, prompting intermediaries to act swiftly.
“This latest update to our product range highlights the increasing breadth of Kensington’s offering as we continue to look for ways to cater to the distinct needs of a wider range of borrowers,” commented Vicki Harris (pictured), chief commercial officer at Kensington Mortgages.
“In combination with our unique approach to criteria development and our sophisticated underwriting capabilities, Kensington’s sustained commitment to product development will help us offer our services to a larger proportion of the market.”
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