It also reduces the rates on its Switch & Fix range
Keystone Property Finance, a specialist buy-to-let lender, has reduced its entire fixed rate range by up to 65 basis points (bps).
The lender has cut every one of the five-year fixed rates in its core, specialist, expat, and holiday let ranges by 0.65% while its Switch & Fix range was lowered by 0.20%.
Keystone’s core range, for standard buy-to-let properties, now starts at 6.09% at 65% loan-to-value (LTV), and at 6.19% at 75% LTV. The specialist range, for houses in multiple occupation and multi-unit properties, now begins at 6.29% at 65% LTV, and 6.39% at 75% LTV.
Its standard expat range now starts at 6.34% at 65% LTV, and 6.44% at 75% LTV, while its specialist expat range now starts at 6.54% at 65% LTV, and 6.64% at 75% LTV.
Following the rate changes, Keystone’s holiday let products are now available at 6.54% at 65% LTV, and 6.64% at 75% LTV.
All these products come with a 4% arrangement fee, although lower-fee deals are available for a slightly higher rate in the core, specialist, expat, and holiday let ranges.
With the reduction in its Switch & Fix range – reserved for landlords who originally opted for a variable rate loan but who now want the security of a fixed rate mortgage, the lender’s rates now start at 5.84%.
“One of the things we pride ourselves on at Keystone is our ability to react quickly to market developments to ensure our range remains competitive,” Elise Coole (pictured), managing director at Keystone Property Finance, commented. “Over the past few weeks, the market has stabilised, and swap rates have rolled back, so we have taken the opportunity to pass on those lower funding costs to brokers and their clients.
“We’ll continue to monitor markets and, should conditions allow, we won’t hesitate to introduce further cuts – and quickly. In the meantime, we are confident we have a competitive and varied range of products that will suit the needs of most landlords.”
Keystone also slashed the rates of its entire range of variable rate mortgages by 15 bps last month.
