The lender, which already had free valuation on BTL products, said that it was responding to the rising cost of living.
“Extending free valuations across our entire residential range is another way Kensington is working to make life easier for brokers and their clients at a time when many households continue to feel the impact of rising living costs,” said Andy Bickers, commercial director at Kensington Mortgages.
“In a fast-moving market, brokers need certainty, speed, and strong support from lenders. That’s why we continue to provide two days’ notice on product changes, alongside continuous access to support through our business development management (BDM) team, telephone BDMs, and webchat services.”
Rate reductions but rising fees
The lender added that it is reducing rates by up to 0.15% for its Residential Select products, including its Heroes, Professional, and Own New Rate Reducer mortgages.
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Two- and five-year fixed rates for Kensington’s Residential Select mortgages at 75% loan-to-value (LTV) now start from 5.59%.
Kensington has also introduced new £1,999 fee products across its Residential Select five-year fixed range, replacing its existing £1,499 fee options. These products all include free valuations, with remortgage customers continuing to benefit from a choice of free standard legals or £250 cashback.
Rates for Kensington’s BTL Core range, including houses in multiple occupation (HMO) and multi-unit block (MUB) mortgages, have been cut by up to 0.35%, with two-year fixed rates starting from 3.69% and five-year fixed rates from 5.12% on up to 80% LTV.
For its BTL Prime range – also including HMO and MUB – Kensington has lowered rates by up to 0.35%, offering up to 75% LTV, with two- and five-year fixed rates from 3.59% and 4.79% respectively. In addition, rates for Kensington’s Prime eKo range have been reduced by up to 0.25%, with Kensington now offering up to 75% LTV on two-year fixed rates from 4.39% and five-year fixed rates from 4.97%.
Bickers added that the company was also focusing on communication to reduce application-to-offer times.
“We also know that communication is critical to keeping cases moving. Every broker receives support from a dedicated mandated underwriter who remains their point of contact throughout the application process, with brokers who engage with those calls potentially able to reduce application-to-offer times by as much as 25%,” he said.
“Our sustained focus on combining competitive products with practical support helps to ensure brokers can deliver faster and more affordable outcomes for their clients.”
