Kensington Mortgages has announced the launch of its ‘Mid LTV’ product range for residential clients.
The products are designed to provide better rates for customers who sit within the traditional 5% incremental LTV brackets.
Kensington is adding 82.5%, 87.5%, and 92.5% LTVs to its existing high LTV options of 80%, 85%, 90%, and 95%. The new products will be available to customers who meet Kensington’s Select criteria.
The specialist lender’s two-year 82.5% LTV offers a 6.27% rate with a £999 fee or a 6.52% rate with a free valuation for purchase customers and a free valuation as well as free legals or £250 cashback for remortgage customers. Kensington’s five-year 82.5% LTV includes an option with a 6.07% rate and £999 fee or a 6.17% rate also including a free valuation for purchase customers and, for those remortgaging, a free valuation and free legals or £250 cashback.
Similarly, Kensington has launched a two-year 87.5% LTV at 6.74% with a £999 fee or a 6.99% rate with a free valuation for purchase customers or, for remortgage customers, a free valuation as well as £250 cashback or free legals. The lender’s five-year 87.5% LTV offers a 6.62% rate with the same incentives or a 6.47% rate with a £999 fee.
Kensington’s two-year 92.5% LTV, which is for purchase customers only, offers a 7.24% rate with a free valuation and £999 fee or a 7.47% rate with a free valuation and no fee. In addition, its five-year 92.5% LTV, also only for purchase customers, offers a 6.79% rate with a £999 fee and free valuation or a 6.99% rate with no fee and free valuation.
Vicki Harris, chief commercial officer at Kensington Mortgages, said: “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. 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.”
