Kensington Mortgages has revamped its Buy to Let range with the introduction of improved rental calculations and the removal of minimum income requirements for existing landlords.

And in other news, the AA has joined forces with Bank of Ireland UK in a new partnership to provide a range of financial services to UK consumers.

The deal has been signed for an initial 10-year period. The first product will be a new AA credit card, followed by loans, savings, and mortgages.

Kathryn Thomas, managing director of AA Financial Services, said:

“This is an exciting new venture that will help to develop the AA’s vigour as a growing force in UK financial services.

“What’s more, we’ll be adding the AA’s first mortgage next year, which fits well with the AA’s large and growing home services customer businesses.

“The new partnership creates a stable new platform within a diverse and fragmented market place that will allow the AA to compete with a long-term, strategic UK banking proposition.”

Kensington Mortgages has revamped its Buy to Let range with the introduction of improved rental calculations and the removal of minimum income requirements for existing landlords.

Rental coverage has been reduced to 125% of 5.50% and the lender has introduced new options at 65% LTV, with rates from 3.39%.

The lender has also launched a limited distribution 80% LTV product, available from 4.29% through a group of networks and clubs, details of which are included below.

In addition to this overhaul of its Buy to Let range, Kensington has made improvements to its Residential mortgages with the introduction of 5-year fixed rates and new LTV bandings, providing a greater selection of rates to meet customer requirements.

Steve Griffiths, Head of Sales and Distribution at Kensington, said:

“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.

“This means we can take a common sense approach to a landlord’s circumstances, including their portfolio size and income, as well as the property in which they are investing. In particular we feel that professional landlords who derive their total income from their property portfolio have limited options currently and we are keen increase our presence in this channel.

“With these latest changes we are stepping up our game in Buy to Let, providing new options for brokers and their landlord clients.”

What do we think? Personally I believe it’s a well timed piece of news as investors are still reeling from some of the less palatable offerings in the Budget.

At Cadman Homes, a local estate and letting agency in Rugby, we see a wide range of investors come to us with financial and lending requirements. Unlike some “chain” agents however we offer a range of financial and mortgage advice from a spread of companies and advisers across the market to include commercial, high risk and residential finance. We do not just have one paid mortgage adviser that works in the standard mortgage market and so we are perfectly placed to help clients, whatever their need. These changes will widen the pool of potential financial products for our clients and as such, strengthen our proposition.

It’s also an indicator that lenders are gearing up for more competition as the markets stabilise, and this is certainly positive for buyers, and sellers of investment properties.

If you are looking to sell a portfolio or investment suited property/land or development, then contact the Rugby office by requesting a call back on this site, or call your local office for a chat.

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