Keystone announce buy-to-let product range
The ‘Classic’ range provides fixed and discounted tracker rates up to 80% loan to value for loans of £50,000-£400,000, while Premier caters for landlords looking to borrow between £600,000 and 1m on a 70% loan to value.
The existing Keystone rates, which are slightly cheaper, will run alongside the new ranges until February 21.
David Whittaker, managing director of Keystone said: “The increase in LTV and loan amounts has been made in direct response to feedback from landlords operating in London and the South East where property prices are, on average, considerably higher than elsewhere in the UK.
“However, this change in criteria will ease not only their borrowing requirements but also landlords operating in other affluent areas where prices are on the up. For example, since the beginning of the year, we’ve had numerous enquiries for larger loans from brokers north of the border with clients looking to invest in some of the major Scottish cities.”
Keystone re-launched onto the buy-to-let mortgage market in April 2012 with brand owner and broker Mortgages for Business and lender Aldermore.
Rob Lankey, managing director of Commercial Mortgages at Aldermore, said: “The cost of three and five year funds has been rising in recent months and the new ranges allow us to adjust our pricing accordingly.
“However, we appreciate that brokers often spend a lot of time putting together deals that stack up before submitting applications, so this overlap will give them time to finish the cases they are currently working on without having to redo the figures.”