Kensington has cut rates by up to 0.4 percentage points across its residential range and 0.2 percentage points on selected buy-to-let products.
The specialist lender’s select range now has two-year fixed rates starting from 2.49 per cent at 75 per cent loan-to-value (LTV) and 2.99 per cent at 85 per cent LTV.
The residential five-year fixed rate at 85 per cent LTV has been cut by 0.4 percentage points to 3.79 per cent, while the two-year fixed products have been cut by 0.3 per cent to 2.64 per cent (75 per cent LTV) and 2.74 per cent (80 per cent LTV).
Buy-to-let loans have undergone reductions of 0.2 percentage points across the lender’s five-year fixed range.
Rates on the large residential loans range now start from 2.39 per cent with no completion fee on the one-year fixed option, while cuts of at least 0.3 percentage points have been made across its New Build range.
The changes are effective from yesterday (2 November) until 12 January 2018.
Steve Griffiths, director of sales and distribution at The Northview Group, said: “Despite the question of a rate rise by the Bank of England, these reductions show Kensington’s commitment to providing customers with highly competitive rates for real life lending solutions.
“Whether our customers are self-employed, contractors, or have complex income streams, we are committed to offering a variety of competitive products to meet changing demands and needs of our clients, and we are confident that these reductions will be welcomed by brokers and customers alike.”
Tony Salentino, director at Hampshire-based Complete Financial Services, said: “It is absolutely massive. What a clever bit of marketing this is.
"It is fantastic evidence of a forward-thinking company that understands the intermediary market and has immediately looked at this [the Bank of England’s interest rate rise] as an opportunity rather than a problem.”
simon.allin@ft.com
