7 Feb

New buy to let deals from Kensington

New buy to let deals from Kensington

Landlords planning to buy property to rent in 2011 may benefit from a new range of buy to let mortgages.

Kensington has launched buy to let mortgages with a loan-to-value (LTV) of up to 85 per cent, rental cover of 120 per cent and fixed rates from 5.24 per cent.

In addition, customers can choose whether to pay the product fee as a flat rate or a percentage.

Two-year fixed rate mortgages offer a rate of 5.24 per cent, with up to 75 per cent LTV and a 2.50 per cent product fee, or a flat fee of £1,499 with a rate of 5.74 per cent.

Charles Morley, head of sales and product development at Kensington, said: "Increasing demand for private rental property is one of the few areas that commentators agree on at the moment, and consensus is that there remains significant opportunity for investors in buy to let."

Recent figures from the Bank of England could see more people looking for houses to rent in 2011, due to a lack of mortgage availability.

Total lending to individuals fell by £0.1 billion in December 2010, with 42,563 applications approved – 5,000 less than the average.ADNFCR-1222-ID-800389689-ADNFCR

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