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).
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.
We feel there is a lack of choice out there for customers in Scotland who need individually tailored solutions.Steve GriffithsSteve 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."
