Kensington slashes BTL rates by up to 0.6%

Buy-to-let rates are reduced by up to 0.6% and now start from 3.54% for LTVs of 70% and 3.74% for LTVs of 75%.

Kensington’s Residential rates now start from 3.09% for borrowers with 65% LTV and 3.19% for 75% LTV, following a 0.30% cut. At 80% LTV, rates start at 3.69%. A range of fee options are available.

Steve Griffiths, Head of Sales and Distribution at Kensington, says:

“Our focus is on providing competitively priced mortgages and unrivalled service on applications that require individual underwriting.

“Feedback from brokers shows there is growing demand for competitive rates and increased choice for landlords as well as for self-employed applicants and people who work on contracts or who have incomes which are too complex for the High Street to handle.”

Martin Reynolds, Chief Executive of SimplyBiz Mortgages, says:

“Our members are seeing demand from consumers who don’t fit the High Street norm and lenders such as Kensington are coming more to the fore with their innovative solutions.

“In addition to Kensington’s key self-employed and contractor criteria, the rate reductions prove it is possible to marry both risk and competitive pricing. I am positive this is only the start of a programme of improvements this year from Kensington that will benefit consumers and intermediaries.”

David Hollingworth, Associate Director of Communications at London and Country Mortgages added:

“The mortgage market is offering very competitive rates at the moment but many borrowers can still find it hard to tick all the boxes for some high street lenders.

“Alternative approaches to cater for borrowers who are self employed or have a more complex income are therefore very welcome.  Rate cuts from a specialist lender like Kensington can only be good news for brokers and their clients.”