The reductions apply to products at 75% loan to value (LTV).
Two-year fixed rates now start at 3.69% with a 5% product fee, while five-year fixes start at 4.99%, also with a 5% fee.
Rates in the Core range have also been reduced, with two-year fixed deals starting at 3.99% with a 5% fee and five-year fixes from 5.42% with a 3% fee.
Andy Bickers, commercial director at Kensington Mortgages, said the reductions would strengthen the competitiveness of its BTL proposition.
He added: “However, competitive pricing is only part of what makes a great lending experience. By combining competitive rates, specialist expertise and consistently high standards of service, we’re continuing to make Kensington a lender that brokers can rely on.”
Your First Home: confidence to build
Sponsored by Halifax Intermediaries
Vernon BS revises JBSP criteria
Vernon Building Society has enhanced its joint borrower sole proprietor (JBSP) mortgage criteria.
Under the updated criteria, mortgage terms can now extend beyond the supporting borrowers’ intended retirement age.
There is no maximum age for capital-and-repayment mortgages, while interest-only lending can be considered up to age 85 in defined circumstances.
The mutual has also removed the requirement for the property-owning borrower to demonstrate that they could afford at least 50% of the monthly mortgage payment. Instead, affordability is assessed for all applicants, with each borrower subject to the society’s lending criteria.
The proposition allows up to four applicants and their incomes to be considered, while split repayment terms can be used to structure different parts of the mortgage over separate periods. Further, no fixed minimum income requirement applies, with affordability assessed using combined financial circumstances.
Brendan Crowshaw, head of mortgage and savings distribution at Vernon Building Society, said: “Our new approach is about looking at the complete picture and considering each case on its individual merits, rather than applying additional restrictions that may not reflect the borrowers’ circumstances.”
Zephyr cuts selected BTL rates
Zephyr Homeloans has reduced selected fixed rate buy-to-let (BTL) products by up to 0.35 percentage points for a limited period.
The reductions apply to all special-edition fixed rates with no valuation fee, as well as standard range fixed rates at 65% LTV and 75% LTV products, also with no product fee.
Two-year fixes were down by 35 basis points (bps), while five-year fixed rates were down by 14bps. As such, two-year fixed rates start at 3.24%, with five-year deals starting at 5.15%.
Skipton BS cuts fixed mortgage rates
Skipton Building Society reduced rates across its fixed rate mortgage range for new and existing customers.
The changes will take effect from Monday 9 November, with rates falling by an average of 0.08 percentage points and the largest reduction standing at 0.16 percentage points.
Jen Lloyd, head of mortgage products and propositions at Skipton Building Society, said: “While interest rates have risen and the wider economic outlook remains uncertain, movements in the mortgage market have created an opportunity for us to reduce pricing in some areas. We’ll continue to balance supporting borrowers with lending responsibly for the long term.”
