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Kensington and New Street launch in Scotland

Kensington and New Street launch in Scotland

Kensington and New Street mortgages are launching in Scotland, with a residential and tailored buy-to-let range.

Initially these products will only be available through select Legal & General Mortgage Club distributors, but a full roll-out to all brokers will begin in March.

Kensington Mortgages will launch the residential proposition, including its Select range, from today (25 January).

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The products will be on offer between 75 per cent to 85 per cent loan-to-value (LTVs) and cover two, three and five-year fixed rate terms.

Rates start from 2.69 per cent on a two-year fix at 75 per cent LTV.

The New Street Mortgages Buy-to-let range includes a mortgage at 1.99 per cent on a two-year fix at 65 per cent LTV.

Loan-to-values are available at 65 per cent, 75 per cent, and 80 per cent with a minimum valuation cover of £75,000. 

New Street has no limit on the number of properties that can be held in the total portfolio, although exposure with the lender is capped at £2m.

Steve Griffiths, director of sales and distribution at Kensington, said:“Being Burns Night, we thought it would be an ideal day to launch our exclusive ranges in Scotland through selected partners from Legal & General’s Mortgage Club.

"We feel there is a lack of choice out there for customers in Scotland who need individually tailored solutions, and we hope our expansion here will be able to provide those borrowers with complex incomes a solution that recognises their real life circumstances."

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said the Scottish market is largely under served by specialist lenders.

He said: "Kensington and New Street will bring a much needed offering to the market in Scotland."