Kensington Mortgages has reduced rates across its buy-to-let and residential tracker mortgages.

The lender said its new residential Loan-to-Value (LTV) special rate starts at 6.19% for a two-year fixed term at 65% LTV. The offer extends further with a compelling 5.89% rate for a five-year fix at the same LTV, both with a £999 fee.

It added that customers using this offer will benefit from a complimentary valuation and an additional £500 cashback.

Remortgage customers will also benefit from a free complimentary valuation with a choice of £500 cashback or free legals.

These changes follow Kensington’s recent announcement introducing an enhanced large loan offering spanning from £500,000 to £2 million.

The lender said the introduction of a new three-year fixed option complements the existing two and five-year fixed-rate products.

Kensington, which is part of the wider Barclays Group, said it is updating its fixed-rate specials for buy-to-let investors in a bid to offer competitive rates in the market.

A two-year fix with a 70% LTV is now available at 4.19%, while a two-year fix at 75% LTV stands at 4.64%, all with a 5% fee. All fixed-rate specials include a complimentary valuation.

It is also adding a new two-year variable special rate tracker mortgage to its buy-to-let range, at 75% LTV and a 5.60% rate.

The new offering includes a 3% fee in addition to a free valuation.

Kensington is providing reduced rates and free valuations for all 75% and 80% LTV products across buy-to-let tracker mortgages. Residential Tracker mortgages up to 75% and 80% LTV also all offer a free valuation.

Kensington Mortgages chief commercial officer Vicki Harris said: “These updates represent our unwavering dedication to providing mortgage solutions that offer more options to customers.

“By collaborating closely with brokers, Kensington empowers borrowers to choose the most suitable loan, providing the flexibility needed to navigate individual financial circumstances.”