Keystone Property Finance has launched a range of 7-year fixed rates to support the growing demand for longer-term mortgages among landlords.
The specialist buy-to-let lender now offers two seven-year fixes as part of its standard range: a 3.39% product at 65% loan-to-value (LTV) and a 3.49% product at 75%, both of which are available on loans of between £50k and £1m.
Keystone also now offers two 7-year fixes as part of its specialist range (for HMOs and multi-unit properties). These include a 3.69% product at 65% LTV and a 3.79% product at 75% LTV, both of which are available on loans between £50k and £1m.
From today, borrowers who are already Keystone customers can choose from four seven-year fixed rates as part of the lender’s product transfer offering.
For standard properties, these are a 3.39% product at 65% and a 3.49% product at 75% LTV. For HMOs and multi-unit properties, these are a 3.69% product at 65% LTV and a 3.79% product at 75% LTV.
Elise Coole, managing director of Keystone Property Finance, said: “Keystone has always prided itself on offering products that brokers and their landlords want, rather than what we think they want.
“In recent months, the topic that has been coming up time and time again when we speak with brokers is that landlords are increasingly after long-term fixed rates.
“It is completely understandable that landlords would want the long-term security that a 7-year fixed rate provides given that the Bank of England has increased interest rates twice since December.
“It looks increasingly likely that we will see further rate increases in 2022 if inflation continues to run well above the Bank of England’s 2% target.
“That is something we hear is genuinely keeping some landlords up at night, hence our decision to launch our first-ever range of 7-year fixed rates today.
“Also, as one of the few specialist lenders with a product transfer offering, it means that our existing borrowers who wish to stay with us get the same opportunity fix for the long-term.”
