The information in this post is intended for mortgage professionals. Customers should not interpret any part of this as financial advice. If you require advice on a new or existing mortgage you should contact your mortgage broker.
6 February 2024 – Kensington Mortgages has lowered mortgage rates and launched new options across both its residential and buy to let (BTL) ranges, broadening its offering to serve a larger portion of the UK market.
Kensington has reduced rates by up to 20bps across selected residential mortgages, including their Select, Core, Hero, Young Professionals, eKo £1,000 Cashback, eKo £500 Reward, and Property Plus ranges.
Within its Select range, this includes a five-year fixed rate at 5.29%, a three-year fix at 5.49%, and a two-year fixed rate at 5.59%. All are up to 75% LTV with a £999 fee. For its Hero mortgages, Kensington is now offering a five-year fixed rate at 5.19% and a two-year fix at 5.49%, both of which are up to 75% LTV with a £999 fee. Additionally, Kensington has adjusted its five-year fix for both its eKo £1,000 Cashback and eKo £500 Reward green mortgages up to 75% LTV, both offering a rate of 5.39% with no fee.
Kensington is also introducing more options for residential clients with smaller deposits, adding no-fee options at 95% LTV. Kensington’s five-year fixed rate now comes with 7.44%, no fee, and a free valuation in addition to an option with a 6.94% rate and £1,299 fee. Its three-year fix includes a 7.59% rate, no fee, and a free valuation, as well as a 7.09% and £1,299 fee option. For its two-year fixed rate, Kensington is now offering 7.99%, no fee, and a free valuation, in addition to an option with a 7.49% rate and £1,299 fee.
Further, Kensington is reducing rates by up to 96bps across selected BTL products, including its house of multiple occupancy (HMO) and multi-unit block (MUB) mortgages. Kensington BTL rates now start from 5.19% for its five-year fixed rate, 5.29% for its three-year fix, and 5.59% for its two-year fixed rate, based on 75% LTV and including a 2% fee. The new rates also apply to limited companies.
Finally, Kensington is now offering new two- and five-year fixed special rate BTL products for landlord clients, all of which come with free valuations. This includes two-year fixed rates at 4.15% for 70% LTV and 4.54% for 75% LTV as well as a five-year fix at 4.49% for 75% LTV, all of which include a 5% fee. Kensington is also introducing a two-year fixed rate at 4.84% and a five-year fix at 5.09%, both for 75% LTV and include a 3% fee.
For landlord clients with HMO or MUB mortgages, Kensington is now offering a five-year fixed special rate at 4.69% up to 75% LTV and a two-year fixed rate at 4.24% with 70% LTV. Both include a 5% fee. As with all of Kensington’s special rates these can be withdrawn at any time, so intermediaries are encouraged to get them while they can.
Vicki Harris, Chief Commercial Officer at Kensington Mortgages, commented:
“This latest update to our product range highlights the increasing breadth of Kensington’s offering as we continue to look for ways to cater to the distinct needs of a wider range of borrowers. In combination with our unique approach to criteria development and our sophisticated underwriting capabilities, Kensington’s sustained commitment to product development will help us offer our services to a larger proportion of the market. Through continuing to respond quickly to market needs, such as by reducing rates and introducing no-fee options, we aim to provide greater support for our clients in realising their goals of property ownership.”