Kensington Mortgages’ cashback will be paid on completion except for its eKo £1,000 cashback mortgage which is paid on qualification in line with standard product terms. The lender is also reducing selected residential mortgage rates by up to 0.75 per cent, with the largest cuts applied to its large loan, young professionals, hero, eKo and Right to Buy deals.
Select products between 65 and 85 per cent loan to value (LTV) products have been cut by up to 0.31 per cent and core mortgage rates have been lowered by around 0.7 per cent between 70 and 85 per cent LTV.
The lender’s lowest residential rates include its 65 per cent LTV five-year fixed rate at 5.59 per cent and its 65 per cent LTV two-year fix at 5.89 per cent. Both come with a £999 fee and £500 cashback.
On the large loan side, its five-year fixed rate at 75 per cent LTV is 5.59 per cent and its two-year fixed rate equivalent is 5.89 per cent. They are subject to a fee of £1,999, a free valuation, and £250 cashback.
Hero mortgages, aimed at professions such as NHS clinicians, police, firefighters, teachers and those in the armed forces, are priced at 5.69 per cent for a five-year fixed rate at 75 per cent LTV and its two-year fix at the same LTV is 5.99 per cent. Both come with a £999 fee and £250 cashback.
Vicki Harris, chief commercial officer at Kensington Mortgages, said: “Our decision to offer cashback across all residential and BTL mortgages and reduced rates for our residential products reaffirms Kensington’s commitment to providing greater flexibility for our clients.
“These developments to our offering aim to help more people to realise their aspiration of owning a home and support those looking to remortgage. Over the next twelve months, we look forward to continuing to innovate across our product range and delivering quality service for our clients.”
Fleet reduce mortgage rates
Fleet Mortgages has cut two, five and seven-year fixed rates in its standard, limited company and houses in multiple occupation (HMO) and multi-unit block ranges.
The cuts range from 0.2 per cent to 0.4 per cent.
For standard and limited company borrowers, the lender’s two-year fixed up to 75 per cent LTV is priced at 5.04 per cent, down from 5.24 per cent.
The lender’s five-year fixed rate at 70 per cent LTV is 4.74 per cent, down from 5.14 per cent previously and at 75 per cent LTV, the decrease is from 5.54 per cent to 5.14 per cent.
Fleet Mortgages’ green five-year fix, for properties with an EPC rating between A and C, is 5.04 per cent up to 75 per cent LTV and its seven year-fix is 4.94 per cent.
On the HMO/MUB side, its two-year fix up to 75 per cent LTV is 5.44 per cent, a fall from 5.64 per cent, whilst its five-year fixes up to 70 per cent LTV have decreased from 5.54 per cent to 5.14 per cent.
The firm’s green five-year fix up to 75 per cent LTV is 5.38 per cent, a fall from 5.78 per cent and its green seven-year fix up to 75 per cent LTV now at 5.28 per cent from 5.68 per cent.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “We’re very pleased to be able to kick the new year off with these very positive rate cuts across our entire range of fixes, covering all three of our core ranges – standard, limited company and HMO/multi-unit block.
“2023 was undoubtedly a challenging year, particularly for landlord borrowers coming to the end of their existing deals and facing a very different rate environment and a heightened affordability challenge.”
He continued: “With the money markets becalmed, swap rates having continued to drop, and Fleet’s own funding options, we’re able to take all this into account and start the new year with a bang with these rate cuts.
“This should open up a wide variety of options for advisers and their landlord borrower clients – both purchasing and remortgaging – providing an easing of affordability that can get them the finance they need. The fact we also offer existing borrowers product transfers is also another reason to fully explore the Fleet product proposition.”
“We’re looking forward to a strong 2024 and have an excellent appetite to lend, and are here to help and support advisers and their clients active in buy to let,” Cox concluded.
