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Kensington Mortgages has reintroduced lending at 85 per cent LTV across all residential products.

Its return to the LTV tier comes alongside cuts to rates and relaunches across its residential and buy-to-let ranges.

The specialist lender has cut rates up to 0.4 percentage points across its residential product range, with an additional reduction of 0.2 percentage points on its residential ‘Hero’ range.

The ‘Hero’ range is targeted towards borrowers such as paramedics, nurses and teachers, with rates starting at 3.09 per cent for a two-year fix at 75 per cent LTV.

Meanwhile, the residential ‘Select’ range, which the lender describes is for borrowers who “don’t quite fit the high street”, starts at 1.99 per cent for a two-year fix at 70 per cent LTV and 3.84 per cent for a two-year fixed rate at 85 per cent LTV.

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The maximum loan amount on the residential Select range has also increased from £750,000 to £850,000. For buy-to-let applicants, meanwhile, the maximum loan amount has risen from £500,000 to £750,000.

Rates across buy-to-let have reduced by up to 0.3 percentage points, starting at 3.59 and 3.94 per cent for a two- and five-year fix respectively at 75 per cent LTV.

The lender has also relaunched its ‘eKo’ residential mortgage, offering £1,000 cashback to borrowers who increase the energy efficiency of their home.

Craig McKinlay, new business director at Kensington Mortgages, said: “We’re committed to helping borrowers at every life stage. This means providing tailored products and our latest re-launches open up new opportunities for our intermediaries and their clients.

“Our rate cuts reinforce our commitment to helping borrowers who are underserved and undervalued by high-street lenders and we’re confident these latest offerings will be welcomed.”

Ayodele Johnson, principal at Johnson Adviser, commented: “This is welcomed news to the mortgage broking industry both for advisers and clients. It comes at a time when it is needed the most.

“Kensington Mortgages have always been known to champion niche areas such as contractors, sole traders, adverse credit history and limited company portfolio landlords. Reducing their rates brings them back in line with some of their competitors.”

By Chloe Cheung

Source: FT Adviser

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