"At Kensington, we think that new build shouldn’t be limited to customers who meet the standard lending criteria."
The lender’s specialist new build mortgage range is aimed at borrowers with complex circumstances who don’t fit the standard lending approach. They offer a maximum LTV ratio of 85% on new build houses and flats, with rates of 3.79% up to 75% LTV, 4.04% up to 80% LTV and 4.54% up to 85% LTV.
All of Kensington’s new build mortgages include a six-month offer period as standard, but borrowers are able to extend this period if the property is still not ready for completion. Customers also benefit from a dedicated Kensington new build team and named underwriters to assess each mortgage application on a case-by-case basis.
In addition, Kensington has cut rates across its existing range by up to 1.10%.
Residential rates now start from 3.54% up to 75% LTV for two, three and five year fixed rates.
Buy-to-let rates are available at 3.54% up to 70% LTV, 3.84% up to 75% LTV, and 4.04% up to 80% LTV.
Kensington has also launched new products on its Premier range for large loans with no completion fee. Rates are available for 3.59% for Residential and 3.89% for buy-to-let.
In addition, the lender has introduced the option of a one-year fixed rate with no overhanging Early Repayment Charges.
Steve Griffiths, Director of Sales and Distribution at Kensington, said: “This is a big launch for the specialist mortgage market. We are introducing some significant rate cuts across our range, large loan mortgages with no completion fee and a dedicated new build proposition.
“At Kensington, we think that new build shouldn’t be limited to customers who meet the standard lending criteria. We’re opening up a new product range to give more customers the opportunity to own a new property, even if they have complex financial circumstances."
