Kensington Mortgages has introduced a new residential product with a rate of 1.94 per cent.

The rate comes as part of a 70 per cent LTV two-year fix in the lender’s Select range and also commands a £999 fee.

The specialist lender adds that the new product is available through all sourcing systems and its broker portal.

Kensington Mortgages new business director Craig McKinlay says: “We’re always striving to offer the most competitive and affordable deals to help all borrowers at every stage of life.

“Our newest rate is one of the lowest available on the market from a specialist lender and we feel this shows our continued commitment to helping those who are underserved.”