Kensington is introducing a cashback offer on all its residential and buy-to-let (BTL) mortgages. This isn’t just a select few products; it’s the whole range, including those for limited companies. The deal offers a minimum of £250 cashback on all these mortgage types until the end of January 2024.

Now, what does this mean for you? Basically, if you’re finalising your mortgage with Kensington, you can expect a nice little bonus once everything’s completed. The only exception is the eKo £1,000 Cashback Mortgage, where the cashback is given when you qualify, following the standard product terms.

Rate Reductions Across the Board

Kensington is also cutting down selected residential rates by up to 0.75%. This is a significant drop, which could mean lower monthly payments for many borrowers.

Here’s a closer look at the numbers:

• Rates have been reduced by up to 0.31% for products ranging from 65% to 85% loan-to-value (LTV).
• Core rates are down by up to 0.70% for LTVs between 70% and 85%.
• There are even bigger reductions, up to 0.75%, for large loan, Young Professionals, Hero, eKo, and Right to Buy mortgages.

Spotlight on Specific Rates

To give you an idea of what’s on offer, Kensington’s 65% LTV 5-year fixed rate is now at 5.59%, and their 65% LTV 2-year fixed rate is at 5.89%. Both these options come with a £999 fee and a generous £500 cashback.

For those considering larger loans, Kensington’s 75% LTV 5-year fixed rate is also pegged at 5.59%, and the 75% LTV 2-year fixed rate at 5.89%, with a higher fee of £1,999 but with the sweeteners of a free valuation and £250 cashback.

A Commitment to Flexibility and Homeownership

Vicki Harris, the chief commercial officer at Kensington Mortgages, summed up these changes as part of Kensington’s commitment to flexibility and helping more people own their homes. This move is designed to make mortgages more accessible and affordable, whether you’re buying your first home, moving up the property ladder, or remortgaging.

In Harris’s words, Kensington is aiming to “help more people to realise their aspiration of owning a home and support those looking to remortgage.” With these offers, the company is definitely making strides towards this goal, providing both incentives and more affordable rates.