Kensington Mortgages and New Street Mortgages have announced a successful market launch into Scotland.
While Kensington now offers an extensive range of products across its residential and buy-to-let ranges, New Street Mortgages have launched a tailored buy-to-let range for its customers. Both brands are now available across England, Wales and Scotland.
Kensington has also launched a dedicated range of products exclusively for its existing customers who are coming to the end of their fixed rate term. Rates will be lower than the standard card offering and intermediaries will be paid a standard procuration fee.
In addition, Kensington has enhanced affordability criteria for both residential and buy-to-let investors.
“Like the rest of the UK, Scotland is home to a growing population of contractors, self-employed workers and entrepreneurs,” Craig McKinlay, sales and marketing director of Kensington Mortgage, said.
“However, the mortgage market has not kept pace with demand from these borrowers, who don’t fit high street lending criteria.”
He added: “The potential for Kensington to expand our offering into Scotland was a natural step. We specialise in lending to the self-employed market and contractors and we’re confident that these areas are underserved.”
Both Kensington and New Street have revised their rates. Kensington rates start from 2.84% on its ‘select’ range (or 2.74% on its customer retention ‘select’ range) based on a two-year fixed at 75% loan-to-value (LTV).
Its buy-to-let products will be available up to 80% LTV, with rates starting from 3.14% (or 3.04% on its customer retention range) based on a two-year fixed at 70% LTV.
Meanwhile, New Street’s rates start from 2.34% based on a two-year fixed rate at 65% LTV.