No high street lender (a lender you can deal with directly as a consumer) is offering above 80% on buy to let properties at the time of writing. This has left many landlords facing a tougher road when trying to build their portfolios. This week that all changed as buy to let brokers have exclusive access to Kensington’s 85% buy to let range. Being able to borrow as much as 85% on properties significantly enhances the speed at which landlords can either build their portfolios or release funds through remortgaging.

85% Buy To Let

Buy To Let Hits New High at 85% From Kensington

Details of the Eighty Five Percent Buy to Let Product

Rates on this new range start in the low 5% range and with Kensington reducing their rental cover requirements to just 120% most properties should fit this enhanced product. (Kensington had previously required 125% rental cover so this Kensington buy to let range is their most flexible since their return to the market).

Borrowers will also have the choice of paying a fixed or percentage fee. This is ideal as brokers will be able to calculate which is the optimal arrangement for the consumer based on the loan size and their other priorities.

The Future of 85% Lending on Buy to Let

With The Mortgage Works demonstrating throughout the year a strong commitment to competitively priced mortgage products which also have generous lending criteria one would expect they are considering their response to this Kensington move. They currently only advance up to 80% but no doubt the interest in these new products will be monitored closely by TMW and the rest of the buy to let market.

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