Kensington unveils cheap mortgages

The Kensington Building Society has created a new range of tracker home loans, ideal for those seeking cheap mortgages.

Initial two-year tracker mortgage rates start from a competitive 3.14 per cent for 60 per cent loan to values LTV, with caps ensuring the rate will not rise above 4.79 per cent.

However, customers looking for cheap mortgages with a smaller deposit may be more interested in the two year capped tracker deals, offering rates starting at 4.09 per cent and rising no higher than 5.74 per cent, with an LTV of 80 per cent.

The building society claimed that with the Bank of England base rate at a historic low, these home loans give consumers the opportunity to benefit without falling victim to rapid rises.

Charles Morley, head of sales at Kensington, said: "The launch into capped trackers addresses growing concerns about rate rises and delivers a combination of competitive rates and peace of mind for borrowers."

Barclays has meanwhile boosted its remortgage range by extending its 'Great Escape' package to LTVs up to 85 per cent.

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2011-06-07 13:40:36 © Moneyextra.com