Rates are reduced by up to 20bps
Two specialist lenders, The Mortgage Lender (TML) and Keystone Property Finance, have announced rate reductions in their buy-to-let mortgages, offering landlords more competitive options.
TML has reduced rates on its two- and five-year fixed rate products by up to 20 basis points (bps). The lender’s two-year fixed rates for standard properties now start at 4.49%, down from 4.69%, while rates for house in multiple occupation (HMO) and multi-unit block (MUB) properties begin at 4.69%, down from 4.89%.
Select five-year fixed rate fee-charging products have also been lowered, with rates for standard properties starting at 4.66% and HMO/MUB properties at 4.91%. In addition, TML’s five-year Fee Saver product has seen reductions of 10bps, with standard property rates beginning at 5.86% and HMO/MUB properties at 6.09%.
“We are pleased to announce a further series of reductions across our buy-to-let range,” said Steve Griffiths (pictured left), chief commercial officer at The Mortgage Lender. “We’re dedicated to supporting customers whose needs may not be met by mainstream lenders, and we will continue to review and adjust our offering based on the realities of the evolving landscape.”
Similarly, Keystone Property Finance has cut rates across several products by up to 20bps. Its two-year fixed rates for standard properties have been reduced by 15bps, starting at 3.24%, while specialist properties (one to six occupants/units) now have rates starting at 3.29%.
Keystone’s Switch & Fix products, which allow variable rate borrowers to switch to a fixed rate fee-free, have also been reduced by 20bps, with rates now starting at 5.24%. Keystone has also reintroduced a 7% arrangement fee option for both two- and five-year fixed rate products at 70% loan-to-value.
“We’re excited to announce a significant reduction in rates,” said Elise Coole (pictured right), managing director of Keystone Property Finance. “It means we can offer even more competitive options to brokers and their landlord clients.
“We are also delighted to reintroduce our 7% arrangement fee option, which we have brought back following high demand from brokers. This option provides landlords with the flexibility they need to manage affordability and achieve the leverage they’re looking for.”
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