Kensington will offer its residential and buy-to-let ranges, while New Street Mortgages has introduced a new buy-to-let range, with both ranges available across England, Wales and Scotland.
In addition, Kensington has launched an exclusive range of products for its existing customers who are reaching the end of their fixed rate term.
The rates for the new range will be lower than the standard rate card offering and intermediaries will receive a standard procuration fee.
The lender has also enhanced its affordability criteria for both residential and buy-to-let customers.
Kensington and New Street have also both revised their rates to reflect current market conditions.
Kensington’s rate starts from 2.84% on its select range or 2.74% on its customer retention select range, based on a two-year fixed at 75% LTV.
Kensington’s buy-to-let range 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.
New Street’s rates start from 2.34% based on a two-year fixed rate at 65% LTV.
“Like the rest of the UK, Scotland is home to a growing population of contractors, self-employed workers and entrepreneurs,” said Craig McKinlay, sales and marketing director at Kensington Mortgages.
“However, the mortgage market has not kept pace with demand from these borrowers, who don’t fit high street lending criteria.
“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.
“As well as our focus on Scotland, we have introduced a range of retention products exclusively for existing customers and only available through brokers, offering lower rates versus our standard rates and paying intermediaries full procuration fees.
“We have also taken the opportunity to enhance our affordability criteria for residential and buy-to-let customers.”
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