Kensington launches new deals for borrowers with smaller deposits
Specialist lender Kensington has launched a new range of mortgages, and announced it has increased its maximum level of lending to 85% of the property’s value across its core range of mortgages. This opens up the deals to borrowers with just 15% upfront.
In additon the lender, which offers its mortgages through mortgage advisers, not directly to consumers, has launched a new tier of products to those who can put down 35% as a deposit.
These 65% loan-to-value products all come with a completion fee of £999, and include:
- A two-year fix at 3.34%
- A three-year fix at 3.64%
- A five-year fix at 4.29%
The 85% loan-to-value deals for those with 15% upfront come with a higher fee of £1,299, and include:
- A two-year fix at 4.49%
- A three-year fix at 4.79%
Steve Griffiths, head of sales and distribution at Kensington, said: “Kensington provides more opportunity for customers whose chances of getting a standard mortgage have been hindered by the complexities of life.
“One way of growing this opportunity is by increasing the choice of products we are able to offer, with more product LTVs and payment options to better meet the needs our brokers and their clients.”