Kensington and New Street Mortgages are launching in Scotland.
Initially this will be a limited distribution through Legal & General’s Mortgage Club.
Kensington Mortgages will introduce a residential offering, whilst New Street Mortgages have launched a tailored buy-to-let range for customers. A full roll out to all brokers will follow in March.
Kensington Mortgages is launching the residential proposition today. The products will be on offer between 75% to 85% loan-to-value (LTVs) and cover two, three and five-year fixed rate terms. Rates start from 2.69% on Kensington’s Select range, on a two-year fixed at 75% LTV.
New Street Mortgages unveiled its buy-to-let offering on 23 January, with rates starting from 1.99% on a two-year fix at 65% LTV. LTVs are available at 65%, 75%, and 80% with a minimum valuation cover of £75,000. New Street has no limit on the number of properties that can be held in the total portfolio, although exposure with New Street is capped at £2 million.
Kensington has also introduced changes to its residential England & Wales core range, with the launch of its Select Premier range for large loans. Rates start from 2.44% on a one-year fixed and 2.79% on a two-year fixed.
Across England, Wales and Scotland, new build clients will now be able to access Residential and Select range rates, with a builders deposit of up to 5% accepted and an offer period of 180 days available (with an extension possible). In addition, Kensington will also now assess affordability for families, taking into account 100% of child benefit for children up to 13 years old, where the income does not exceed £50,000.
Steve Griffiths, director of sales and distribution at Kensington, said: “Being Burns Night, we thought it would be an ideal day to launch our exclusive ranges in Scotland through selected partners from Legal & General’s Mortgage Club. We feel there is a lack of choice out there for customers in Scotland who need individually tailored solutions, and we hope our expansion here will be able to provide those borrowers with complex incomes a solution that recognises their real life circumstances.
“As well as our foray into Scotland, we are improving our proposition right across the UK, with improvements to our New Build offer, extending Premier to our Select range and offering more flexibility on affordability for families.
“These are a few of the exciting changes we are making to Kensington and New Street in 2018, and we look forward to developing new relationships with brokers in Scotland to help more underserved borrowers with their property ambitions.”