The new products have been introduced in response to broker feedback and aim to give landlords greater flexibility and choice when shorter-term fixed rates are growing in demand.
Pricing starts from 3.89% at 75% loan to value (LTV) with a 3% fee and free valuation.
Other product choices include rates of 4.54% with a 2% fee, 4.59% with a £4,000 fee, 4.79% with a £1,999 fee, and 5.49% with no fee, all available up to 75% LTV and including a free valuation.
For landlords purchasing or remortgaging houses of multiple occupation (HMOs) or multi-unit block (MUB) properties, rates begin from 4.44% at 75% LTV with a 3% fee and free valuation.
The two-year fixed rates go up to 75% LTV, will be assessed at the higher of the initial pay rate plus 2% or 5.5% and have a minimum property value of £150,000.
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The deals are available for purchase and remortgage and are open to existing and first-time landlords, including limited companies and HMOs or MUBs.
Free valuations will also be added to all BTL products, which the firm said will save landlords hundreds of pounds.
Kensington Mortgages said the standard BTL property value comes to £260,106, with a typical valuation cost of £300, and for HMO and MUB properties, the average value comes to £420,717, with valuation costs estimated at £655.
Andy Bickers, commercial director at Kensington Mortgages, said: “Our new two-year BTL Prime products have been designed in direct response to broker feedback and reflect our commitment to giving landlords the choice and flexibility they need.
“While our rates are highly competitive, what truly sets Kensington apart is the quality of our process and the support we provide to our broker partners. From our expert sales team helping brokers match the right product to their clients, to the dedicated underwriters who handle each application personally – it’s this combination of competitive pricing and service excellence that continues to define the Kensington experience.”
Principality BS cuts rates
Principality Building Society will lower selected residential, joint borrower sole proprietor (JBSP) and BTL fixed rates from 9am on 19 November.
Within its residential range, its two-year fixed rate at 65% LTV with product fees will fall by up to 0.05%, along with equivalent five-year fixed rates.
The firm’s two-year fixed rate at 75% LTV with no fees will go down by up to 0.03%, along with two- and three-year fixed rates at 80% LTV.
Principality Building Society’s five-year fixed rate at 80% LTV with a £1,395 product fee will decrease by 0.06%, while its two-year fixed rate at 95% LTV will reduce by up to 0.05%.
In its JBSP range, two-year fixed rates at 75% and 80% LTV will fall by around 0.03%.
On the BTL side, its five-year fixed rate at 60% LTV without product fees will go down by up to 0.05%, while its 70% LTV equivalent with no fee will decline by 0.1%.
