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Kensington Mortgages changes buy-to-let range
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Kensington Mortgages has moved to alter some of the products in its buy-to-let range with the introduction of better rental calculations and removing minimum income rules for existing landlords.
Reductions
As part of the changes, rental coverage has been lowered to 125% of 5.50% with the lender also offering new options at 65% LTV with rates from 3.39%. In addition, a limited distribution 80% LTV product has been launched, which are available from 4.29% through a host of networks.[1]
Alongside changes to the buy-to-let range, Kensington Mortgages has made alterations to its residential mortgages, introducing new five-year fixed rate deals and different LTV bandings. The firm hopes that this will give more of a selection to their customers, in order to fulfill changing demands.
Common sense
‘At Kensington, our lending decisions are made by experienced underwriters, not a credit score, and this is true for our buy-to-let mortgages too,’ said Steve Griffiths, head of sales and distribution at Kensington. ‘This means we can take a common sense approach to a landlords’ circumstances, including their portfolio size and income, as well as the property in which they are investing,’ he continued.[1]
Kensington Mortgages changes buy-to-let range
Griffiths went on to state that, ‘in particular, we feel that professional landlords who derive their total income from their property portfolio have limited options currently and we are keen to increase to our presence in this channel.’[1]
‘With these latest changes we are stepping up our game in buy-to-let, providing new options for brokers and their landlord clients,’ he concluded.[1]
[1]https://www.landlordtoday.co.uk/breaking-news/2015/7/kensington-refreshes-buy-to-let-range
