Keystone cuts mortgage rates

Keystone cuts mortgage rates

Keystone Property Finance, the specialist lending brand, has reduced all of the mortgage rates in its Classic range.

Mortgages are now available from 3.19 per cent for a two-year fixed rate at 65 per cent loan-to-value (LTV). 

This is on a standard buy-to-let property, but the range also includes options at 75 per cent and 80 per cent LTV, as well as rates designed specifically for houses in multiple occupation (HMOs), multi-unit blocks and for landlords with some adverse credit.

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All rates within the range are available to both individuals and limited companies.

Unlike most other lenders, Keystone accepts trading limited companies as well as special purpose vehicles (SPVs) as standard and does not take a floating charge or debenture.

The lender stated that although it tends to concentrate on getting its criteria right in the specialist market "we are always delighted to announce a price cut."

David Whitaker, chief executive of Keystone, said: "We hope the new rates will be a further incentive to brokers to recommend Keystone to their landlord clients now, particularly as it can only be a matter of time before we see a hike in the bank rate, which will lead to the inevitable rise of interest rates generally."

Jorden Abbs, director of operations at specialist buy-to-let mortgage broker Commercial Trust, said it was always good to see a mortgage rate reduction.

He said: "We always welcome lenders bringing down their rates. We are fortunate to work with a wide range of both specialist and high street names and are always looking for competitive and innovative products to suit their needs.

"The Monetary Policy Committee result (it opted to keep the base rate at 0.5 per cent) will be telling and might influence rate changes by other lenders."