Kensington Mortgages has unveiled its new Help to Buy range.
The lender originally announced its intention to launch the range at Legal & General Mortgage Club’s New Build Forum in May.
The new range aims to help both first-time buyers and home movers across Wales and England (including London) who have deposits of at least 5% to buy a new build home.
The Help to Buy products are offered at 75% LTV and cover two, three and five-year fixed rate mortgages. The maximum loan amount will be driven by the maximum property value available on the Help to Buy scheme, which is currently £600,000 for England and £300,000 for Wales.
Rates start from 3.64% and free valuations are also included in the offer. No interest payable for the first five years on the equity loan.
Kensington Mortgages has also updated its residential new build range, with new five-year fixed rates starting from 3.74% at 75% LTV.
Steve Griffiths (pictured), director of sales and distribution at the Northview Group, Kensington’s parent, said: “Last month, Kensington announced its intention to enter the Help to Buy market, and as a lender that is dedicated to helping customers with complex circumstances, we are very pleased to announce that our products are now live.
“The government’s Help to Buy scheme is fundamental in helping many first-time buyers take their first steps onto the property ladder. However, whilst standard borrowers can easily access these loans from the high street, it’s also important that the specialist market improves the choice of Help to Buy mortgages for borrowers with complex sources of income.
“This is precisely why Kensington have launched this range today, giving customers both improved choice and a highly competitive deal when buying a new build property.”