KensingtonJun 15 2018

Kensington launches 85% LTV buy-to-let range

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Kensington launches 85% LTV buy-to-let range

Kensington Mortgages is now offering buy-to-let loans up to 85 per cent loan-to-value, and has also reduced the prices of its mortgages.

Rates have been cut by up to 0.45 per cent, with rates starting from 2.69 per cent for a two-year fixed rate at 70 per cent LTV. 

The specialist lender said that the updated proposals will also include new zero completion fees and free valuations, as well as a new fixed rate with a one-year early repayment charge (ERC).

Craig McKinlay, sales and marketing director at Kensington Mortgages, said the changes would help Kensington “reach out to a wider customer base”.

“At Kensington, our focus is, and always has been, to help Britain’s underserved borrowers and we are delighted to be able to offer buy-to-let landlords higher LTVs, reduced rates across the board and a wider selection of products to choose from,” he said.

David Hollingworth, communications director at mortgage broker London & Country, said that it was unusual to see buy-to-let loans up to 85 per cent loan-to-value.

He said: "It is certainly a niche."

He added that rates for these products, which were all in the 4 to 5 per cent range depending on options, "were good value considering".

Mr Hollingworth said: "There have been a lot of changes for landlords recently and these may be particularly helpful for those who are very highly geared.".

Kensington also recently launched a new Options range for customers with recent credit problems and repriced its residential range.

Customers will be eligible for the Options range even if they have one secured arrears in the last 24 months, but zero in the last three months, or have unsecured arrears greater than six months old.