Kensington has revamped its mortgage range this week, now making it one of very few lenders to have introduced a new range of specialist new-build mortgage products, as well as releasing brand new premium offers for large loans.
The lender’s specialist range is aimed at borrowers with more complex circumstances, who are struggling to fit standard lending criteria found on the high street. Kensington now offers a maximum loan to value (LTV) ratio of 85% for new build flats and houses, with rates of 3.79% up to 75% LTV, 4.04% at 80% LTV and 4.54% up to 85% LTV.
All new build mortgages include a six month offer period, which borrowers are able to extend for properties that are not quite ready for completion.
Additionally, Kensington has now cut rates across its existing range by up to 1.1% on two, three and five year residential mortgages, with rates now starting from 3.54% up to 75% LTV. Buy to let rates have also been reduced to 3.54% up to 70% LTV, 3.84% at 75% LTV and 4.04% up to 80% LTV.
Kensington has also launched a selection of new products designed specifically for borrowers applying for large loans. These include residential rates at 3.59% or 3.89% for buy to let mortgages, which come with no completion fee.
A one-year fixed rate is also now available from the lender with no overhanging early repayment charges.
Lenders have certainly been pushing themselves to make fixed rates more affordable for borrowers across the market. Barclays has now launched a 10 year fixed rate at 2.49% and 2.69% available at 60% and 80% LTV respectively, as well as cutting rates across two, five and seven year products.
A new two year fixed rate mortgage is also now available from Barclays at 1.33% for residential mortgages, which was previously 1.35% for remortgages and 1.39% for purchases at 65% LTV. Five and seven year fixed rates now start from 1.99% up to 60% LTV from the lender.