Kensington has reduced rates on its Resi 12 and Resi 6 product ranges, aimed at customers with more complex credit files.
Kensington’s Resi 12 rates have been reduced by up to 1.08%, with the two-year fixed rate now starting at 5.31% and the five-year fixed rate from 5.36%, both with a £999 fee.
Kensington’s Resi 6 rates have been reduced by up to 1.03%, with two and five-year fixed rates now starting from 5.61%, both also with a £999 fee.
The new rates are available to both purchase and remortgage customers up to a maximum of 85% LTV, with both £999 and no fee options available. No-fee options include a free valuation, with customers remortgaging also eligible for free legals or £250 cashback.
Kensington’s Resi 12 and Resi 6 mortgages form Kensington’s product range for customers with more complex credit histories and who are subject to specific criteria.
Resi 12 customers can have a maximum of two unsecured credit arrears in the previous twelve months – if accounts are now up to date – and must have had no defaults in the previous twelve months and a maximum of one in the previous twenty-four months – up to a maximum of £1,500. Clients must also not have had a missed loan or rent payment in the past twelve months, and a maximum of one in the past twenty-four months.
Resi 6 customers are not subject to a cap on unsecured credit arrears – if there have been none in the last six months and accounts are now up to date – and must have had no default in the last six months and a maximum of one in the last twenty-four months – of no more than £1,500.
They must not have had a missed loan or rent payment in the past three months, and a maximum of one in the past twenty-four months. Kensington’s Resi 6 series is not available for starters.
Comment on the latest product changes Kensington Mortgages commercial director Andy Bickers said: “These latest rate reductions for our Resi 12 and Resi 6 ranges demonstrate our continued focus on supporting customers with more complex credit histories so they can access specialist, affordable financing solutions.”