Keystone Property Finance has announced rate cuts of up to 0.10% across its product range. The lender has also introduced a new 7% arrangement fee option designed to help landlords achieve higher levels of leverage.
These new 7% arrangement fee products offer lower rates than Keystone’s existing 5-year fixed deals, thus enabling landlords to secure larger loans than they might otherwise be able to. Specifically, the new fee options feature a 5.49% 5-year fix at 65% loan-to-value (LTV) and a 5.59% 5-year fix at 75% LTV, with the former available on loans up to £2m and the latter up to £1.5m.
Alongside these changes, Keystone has also lowered its standard 5-year, specialist, ex-pat, and holiday let products by 0.10%. The 2- and 5-year product transfer and Switch & Fix rates have been reduced by an equivalent amount. Additionally, the lender’s standard and specialist 2-year 65% LTV deals have seen a 5 basis point reduction, positioning the starting rates for the lender’s 2-year and 5-year mortgages at 5.19% and 5.49%, respectively.
Elise Coole, managing director at Keystone Property Finance, said: “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.”
Coole elaborated on the new 7% arrangement fee options, saying: “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.”
Coole also stressed the importance of collaboration between the lender and brokers, stating: “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.”
