Kensington and New Street Mortgages have announced a whole of market launch into Scotland.
Kensington now offers a range of products across its residential and buy-to-let ranges, while New Street Mortgages has launched a buy-to-let range.
Both brands will now be available across England, Wales and Scotland.
Kensington has also launched a dedicated range of products exclusively for its existing customers, who are coming to the end of their fixed rate term. Rates will be lower than the standard rate card offering and intermediaries will be paid a standard procuration fee. In addition, Kensington has improved affordability criteria for both residential and buy-to-let customers.
In addition, both Kensington and New Street have revised their rates to reflect current market conditions. Kensington rates start from 2.84% on its Select range or 2.74% on its Customer retention Select range, based on a two-year fixed at 75% LTV.
Kensington’s buy-to-let proposition will be available up to 80% LTV, with rates starting from 3.14%, or 3.04% on its customer retention range based on a two-year fixed at 70% LTV. New Street rates start from 2.34% based on a two-year fixed rate at 65% LTV.
Craig McKinlay, sales and marketing director of Kensington Mortgages, said: “Like the rest of the UK, Scotland is home to a growing population of contractors, self-employed workers and entrepreneurs. However, the mortgage market has not kept pace with demand from these borrowers, who don’t fit high street lending criteria.
“The potential for Kensington to expand our offering into Scotland was a natural step. We specialise in lending to the self-employed market and contractors and we’re confident that these areas are underserved.
“As well as our focus on Scotland, we have introduced a range of retention products exclusively for existing customers and only available through brokers, offering lower rates versus our standard rates and paying intermediaries full procuration fees. We have also taken the opportunity to enhance our affordability criteria for residential and buy-to-let customers.”