Specialist buy-to-let (BTL) lender Keystone Property Finance has cut rates across its range of products by up to 65 basis points (bps).
The biggest reductions were made to its expat and holiday let ranges, where it cut rates by 65bps, and its complex 5-year fixed rates, which were cut by 55bps.
The specialist lender’s Switch & Fix products, which allow existing Keystone variable rate borrowers to switch to a fixed rate with minimal fees, were also cut by 55bps.
Product transfer deals were cut by 50bps, while its classic range was reduced by up to 40bps.
David Whittaker (pictured), CEO at Keystone Property Finance, said: “The market has been in a state of flux recently which has been challenging for lenders, intermediaries and their clients, so we are very pleased to be able to announce a range of sweeping rate reductions.
“The downward movement in swap rates and the headline rate of inflation means we are now in position to make positive changes to our full range of products.
“We worked hard to ensure these reductions were passed over to our brokers as soon as possible, which is why we made them available over the weekend.
“Sourcing systems will reflect these products in the coming days.”
He added: “As we know, swap rates do go up and down, but we will always endeavour to swiftly pass on cheaper borrowing costs to our brokers and their clients.
“This is a core principle of our business and one that we will always endeavour to uphold.”
