Apart from cutting rates, Keystone also reduced the fees on all HMO and multi-unit products in its complex range by 50 bps, with fees now starting at 2.5 per cent
BTL lender Keystone Property Finance has announced a range of rate and arrangement fee cuts.
The lender said it had lowered all of the products in its product transfer range by 20 bps, with rates now beginning at 6.29 per cent. It had also reduced its Switch & Fix range by 20 bps, with the products now starting from 5.79 per cent.
Apart from cutting rates, Keystone also reduced the fees on all HMO and multi-unit products in its complex range by 50 bps, with fees now starting at 2.5 per cent.
With swap rates still volatile and many lenders raising their rates, I am delighted to be able to announce these cuts, said Elise Coole, MD at Keystone Property Finance. One of our basic principles is to make sure that we pass on rate and fee cuts to brokers and borrowers as soon as we are in a position to do so, instead of waiting around. This is further evidence of that.
The last few weeks have brought challenges for funding conditions, but we remain eagle-eyed to identify opportunities to lower the cost of borrowing from us as a lender – and we would not hesitate to launch more cuts when situation permits, Coole said.
For its complex range, the lender has also launched two new 4.5 per cent fee products for borrowers buying or refinancing a big HMO or multi-unit property up to 15 beds or units. The first has a rate of 6.19 per cent and is available up to 65 per cent LTV, while the second is available at 6.29 per cent up to 75 per cent LTV.
One of the things brokers have been telling us regularly over the last few months is that they would like to see further lower rate, higher arrangement fee deals, Coole added. So, we have acted. The main advantage of this type of deal, of course, is that borrowers can typically achieve larger loans than if the rate were a bit higher and the fee a bit lower.
Coole added: While it might not be appropriate for every borrower, we hope this step shows that we listen to our brokers, and that we are prepared to act on their proposals wherever possible.