Kensington has revamped its mortgage range, offering lower pricing, a specialist new build proposition and new Premier products for large loans.
The lender said its products aim to service a gap in the market for borrowers in the specialist sector who don’t fit the standard lending approach. 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. Customers also benefit from a dedicated Kensington new build team and named underwriters to assess each mortgage application on a case-by-case basis.
Meanwhile, Kensington has cut rates across its existing range by up to 1.10 basis points.
New deals include the following:
Residential:
- 3.54% up to 75% LTV for two, three and five-year fixed rates
- 3.79% up to 80% LTV for two, three and five-year fixed rates
- 4.29% up to 85% LTV for two, three and five-year fixed rates
Buy-to-let:
- Rates from 3.54% up to 70% LTV
- Rates from 3.84% up to 75% LTV
- Rates from 4.04% up to 80% LTV
Kensington has also launched new products on 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 one-year fixed rate with no overhanging Early Repayment Charges.
Steve Griffiths (pictured), 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 one-year fixed rate with no overhanging Early Repayment Charges.”
