The products have been launched to serve borrowers who sit between the usual 5% incremental LTV brackets.
Kensington Mortgages has now introduced 82.5%, 87.5% and 92.5% LTV tiers to its range alongside the existing 80%, 85%, 90% and 95% high-LTV deals.
The products will be available to borrowers who fit the lender’s ‘Select’ criteria.
The 82.5% LTV product is a two-year fix with a rate of 6.27% with a £999 fee or 6.52% with no fee. This offers a free valuation for purchase borrowers, and the options a free valuation and free legals or £250 cashback for remortgage borrowers.
For a five-year fix at the same tier, the rate is 6.07% with a £999 fee or 6.17% with no fee. These have the same borrower incentives of free valuations for purchases and the choice of £250 cashback for remortgage.
The two-year fix at 92.5% LTV is for purchase only and has a 7.24% rate with a £999 fee or 7.24% with no fee. This offers a free valuation.
The corresponding five-year fixes at this tier have respective rates of 6.79% and 6.99%.
Vicki Harris (pictured), chief commercial officer at Kensington Mortgages, said: “The launch of our mid-LTV range speaks to Kensington’s commitment to continuing to innovate, making brokers’ lives easier, and helping more people to own their home.
“The new offering aims to ensure that customers can access the right product for their specific needs and that they are not forced into a higher LTV when making their purchase, so they effectively only pay for what they need.”
