Keystone ups broker proc fees to 0.6%

Ryan Bembridge

July 7, 2016

david whittaker

Keystone has increased broker procuration fees from 0.5% to 0.6%.

The buy-to-let lender has also reduced its 5-year fixed rate mortgages by up to 0.40%, with rates starting from 4.39% to 75% loan-to-value.

David Whittaker (pictured), managing director of Keystone, said: “Despite the Brexit result, its business as usual at Keystone and as you can see we have been very busy.

Keystone revamps website

“The reduction in rates means that we are now able to better compete on pricing, particularly with 5-year fixes.

“Brokers will be particularly pleased that we have been able to up the procuration fee to 0.6% of the loan.”

Keystone has launched a new online broker portal, known as KASS (Keystone Application Submission System), which it said will speed up case processing and allow brokers to track the stages of every deal.

For individuals the new formula of 145% at pay rate or notional rate of 5.25%, whichever is higher, will be applied to term trackers and 3-year fixed rates. For borrowers choosing a 5-year fixed rate, the pay rate will be used.

Stress tests for limited companies are to remain at 125% of pay rate or notional rate of 5.25%, whichever is higher, for term trackers and 3-year fixed rates. For limited company borrowers choosing 5-year fixed rates, the pay rate will be used.