It reduces rates by up to 25bps
Intermediary-only lender Keystone Property Finance has announced rate cuts on all of its classic two-year fixed rates by 25 basis points (bps) and classic five-year standard fixed rates by 10bps.
Keystone’s classic two-year fixed rates now start at 4.94%, while its classic five-year fixed rates are available from 5.79%.
The specialist lender’s classic range is suitable for landlords buying standard properties or smaller houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) of up to six beds or units. It sits alongside the complex range, which is aimed at landlords with more complex financing needs, including larger HMOs and MUFBs up to 15 beds or units.
The lender said it has also launched a new 5.5% arrangement fee product on its two-year fixes, which sit within its classic range.
“Although the swap markets have been volatile this year, we have started to see better-than-expected inflation data which has resulted in swaps edging lower,” commented Elise Coole (pictured), managing director at Keystone Property Finance. “This has given us another opportunity to pass those savings onto borrowers.
“We have always said we will not wait to do that. Our product teams meet often, meaning we can move quickly if funding conditions change. As has been proven this year, swaps can go up as easily as they come down. But we will always try to pass any reductions in funding costs onto borrowers in the form of rate cuts as soon as we possibly can.”
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