"One of the things brokers have been telling us consistently over the past few months is that they would like to see more lower rate, higher arrangement fee deals"
Keystone Property Finance has enhanced its buy-to-let range with a series of rate and arrangement fee reductions.
The lender has reduced all of the products in its product transfer range by 20 basis points, with rates now starting at 6.29%.
Keystone has also reduced its Switch & Fix range by 20 basis points, with the products now starting from 5.79%. The Switch & Fix range allows existing Keystone variable rate borrowers to switch to a fixed rate with minimal fees.
As well as cutting rates, Keystone has slashed the fees on all HMO and multi-unit products in its complex range by 50 basis points, with fees now starting at 2.5%.
Within the complex range, the lender has also introduced two new 4.5% fee products for borrowers buying or refinancing a large HMO or multi-unit property up to 15 beds or units. The first has a rate of 6.19% and is available to 65% LTV, while the second is available at 6.29% up to 75% LTV.
Elise Coole, managing director at Keystone Property Finance, said: “With Swap rates still volatile and many lenders increasing their rates, I’m delighted to be able to announce these reductions. One of our core principles is to ensure that we pass on rate and fee reductions to brokers and borrowers as soon as we are in a position to do so, rather than waiting around. This is further proof of that.
“The past few weeks have brought challenges for funding conditions, but we remain eagle-eyed to spot opportunities to bring down the cost of borrowing from us as a lender – and we won’t hesitate to introduce further reductions when circumstances allow.
“One of the things brokers have been telling us consistently over the past few months is that they would like to see more lower rate, higher arrangement fee deals. So we have acted.
“The main benefit of this type of deal, of course, is that borrowers can typically achieve larger loans than if the rate were a little higher and the fee a little lower. While it might not be right for every borrower, we hope this move demonstrates that we listen to our brokers and that we are willing to act on their suggestions wherever possible.”
