It also cuts rates by up to 0.10%
Specialist buy-to-let lender Keystone Property Finance has introduced a new range of products with 7% arrangement fees.
The new products come with lower rates than its other five-year fixed rates. This, the lender said, allowed landlords to borrow more than if they were to take out a product with a higher rate but lower fee.
Keystone’s new arrangement fee options include a 5.49% five-year fix at 65% loan-to-value (LTV) and a 5.59% five-year deal at 75% LTV, available on loans up to £2 million and £1.5 million, respectively.
The intermediary-only lender has also reduced its five-year standard, specialist, expat, and holiday let products by 10 basis points (bps). Its two- and five-year product transfer and Switch & Fix rates also had their rate lowered by the same amount.
📣 Product Update 📣
— Keystone Property Finance (@KeystonePF) September 18, 2023
We have reduced our rates by up to 0.10% and introduced a NEW 7% arrangement fee product…
View our rates here >> https://t.co/hiaIFO94yB#ProductUpdate #SpecialistLending pic.twitter.com/9sT7mvdr9M
The BTL lender has also cut its two-year standard and specialist 65% LTV deals by 5bps, with two-year and five-year mortgages now starting at 5.19% and 5.49%, respectively.
“Over the past few months, we have been very active in improving our range to ensure we not only have the best possible rates available, but also that we provide solutions to suit a wide range of landlords,” said Elise Coole (pictured), managing director at Keystone Property Finance.
“Our new 7% arrangement fee options are a classic example of that. With rates much higher than they were, many landlords are now struggling to achieve the leverage they want. However, our new 7% arrangement fee options come with lower rates, making it much more likely they will walk away with a loan size that works for them.
“We know that nobody knows their clients better than brokers do. So, we will continue to work closely with advisers to ensure we continue to deliver what landlords want.”
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