Wednesday, January 26, 2022
Finance

Keystone Property Finance increases cashback on large loans

Keystone Property

Keystone said these changes were made in preparation for the maturities of buy-to-let mortgages this year

Keystone Property Finance has increased the cashback incentive offered on large loans by as much as 50 per cent for landlords purchasing or remortgaging.

Landlords will now receive £1,250 back on mortgage loans between £150,000 and £400,000, up from £1,000 previously.

For those who borrow between £400,001 and £750,000, they will receive £2,000 up from £1,500. Landlords taking out mortgage loans between £750,001 and £1m will get £3,000, up from £2,000.

Keystone said these changes were made in preparation for the maturities of buy-to-let mortgages this year. It said for those remortgaging onto a new lender, the costs could reach into the thousands and therefore the cashback could offset expenses.

Elise Coole, managing director of Keystone Property Finance, said: The government’s buy-to-let tax reforms in 2016 and the Prudential Regulatory Authority’s decision to overhaul the underwriting rules for portfolio landlords led to a significant spike in the uptake of five-year fixed rate mortgages the following year.

It means there will be thousands of landlords coming to the end of their deals this year who will either have to remortgage or opt for a product transfer with their current lender, if they offer one, she said.

By enhancing our cashback offering, we are offering landlords the ability to switch onto a competitive fixed-rate deal with another lender without the significant costs usually associated with remortgaging, she said.

The lender has also split its core ranges by type, meaning there are now separate guides for standard, specialist, cashback, holiday let, green mortgages and product transfers.

Additionally, it has launched an agreement in principle (AIP) certificate, meaning every time a broker completes an AIP with Keystone, they will receive an email confirmation for their records.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

12 − six =