Keystone will also now lend on HMOs of up to 15 beds and multi-unit properties of up to 15 flats, both up from 10 previously
Keystone Property Finance has enhanced its HMO offering and increased its maximum LTV to 80% as part of an overhaul of its lending criteria.
The specialist buy-to-let lender’s decision to increase its maximum LTV from 75% to 80% opens up its standard and green ranges to landlords with smaller deposits.
Keystone will also now lend on HMOs of up to 15 beds and multi-unit properties (MUP) of up to 15 flats, both up from 10 previously.
The lender will also now accept first-time landlords purchasing an HMO property up to six beds or a multi-unit property of up to six flats (up from four previously).
Keystone has also started lending to retired expat applicants, who can choose from a separate new range with rates starting at 3.34%.
As well as enhancing its criteria, Keystone has also increased its enhanced cashback offer from a maximum of £3,000 to a maximum of £5,000.
Finally, Keystone has also hiked its maximum portfolio size to £10m, from £3m before, and doubled its maximum individual loan size to £2m.
Elise Coole of Keystone Property Finance, said: 2021 was a momentous year for Keystone but we want to lend even more in 2022, which is why we have significantly improved our criteria today. We believe these changes will make us a much more attractive proposition to brokers and landlords operating in the specialist end of the market.
She said: However, we haven’t made these criteria changes on a whim. They are the result of our ongoing dialogue with our brokers to find out what they and their clients want and need from a specialist buy-to-let lender.
