Kensington Mortgages has announced two new rates across its residential and buy-to-let products, as well as rate cuts across its BTL offering.

The lender said rates have been cut on its BTL range by as much as 40 basis points and now start at 2.99 per cent for a two-year fix at 75 per cent loan to value.

It also offers a special edition rate at 2.59 per cent for a two-year fix at 75 per cent LTV. These offers apply to limited companies.

The firm adds that for houses in multiple occupation and multi-unit blocks rates start at 3.39 per cent with a two-year fix at 75 per cent LTV. Applications that qualify for its Property Plus range rates start at 3.19 per cent for a two-year fix at 75 per cent LTV.

Across all BTL ranges, free valuations and cashback options are available.

Kensington said on its residential range rates start at 3.25 per cent for a two-year fix at 75 per cent LTV, and 5.19 per cent for a two-year fix at 90 per cent LTV.

It recently reinstated its large loan offering, of up to £2m and up to 80 per cent LTV, in addition to offering a special edition rate at 1.99 per cent for a two-year fix at 70 per cent LTV.

The lender added that although new applications to the £60m Scottish First Home Fund closed after five days on 9 April, it will accept any pre-existing or ongoing applications. Rates for these properties start at 4.54 per cent for a two-year fix at 75 per cent LTV.

Kensington Mortgages new business director Craig McKinlay says: “We’re committed to helping intermediaries and borrowers with bespoke products for every life stage.”

McKinlay adds the new rates “will open up new opportunities for intermediaries and reinforce our commitment to helping borrowers who are underserved and undervalued by high-street lenders”.