Kensington Mortgages has introduced a 10-year fixed product to their residential range to offer borrowers greater certainty in "uncertain times".
The 10-year fixed mortgage is available at 75 per cent loan-to-value (LTV) and 80 per cent LTV, beginning at a rate of 4.34 per cent and with a five-year early repayment charge.
Craig McKinlay, sales and marketing director at Kensington Mortgages, said he hoped the product provided borrowers with stability and the peace of mind a fixed-term mortgage brings.
He said: "The launch of our new 10-year fix with built in flexibility provides first-time buyers and home movers with certainty and reassurance through, undeniably, uncertain times by giving them the security of a long term fix with the flexibility of a shorter term lock in."
Until Wednesday 31 October, Kensington has also reduced rates across its residential and buy-to-let core range for all completed decision in principle applications.
The lender’s two-year fixed residential product at 85 per cent LTV has dropped by 0.2 per cent to 3.39 per cent, with its five-year fixed rate reduced by 0.35 per cent to 3.79 per cent - the product fee has been cut from £1,299 to £499 for both.
In its buy-to-let range, Kensington has reduced its two-year fixed rate at 75 per cent LTV by 0.3 per cent to 2.59 per cent.
Mr McKinlay added: "We have been making several changes recently across our product range, all of which have been well received by intermediaries.
"Our latest updates further reinforce our commitment to supporting underserved borrowers across the UK, and we hope these changes continue to help intermediaries to provide the best possible service to clients, whatever their individual circumstances may be."
rachel.addison@ft.com
