Keystone Property Finance is to launch a product transfer option that allows landlords to switch to a new rate once their current deal ends.
Landlords will be able to choose from the current core selection of two and 5-year fixed rates up to 75% loan-to-value (LTV), which includes the lender’s standard, specialist and green ranges.
Product transfer borrowers will not have to pay any application or valuation fees, and the arrangement fee is halved to 1%.
Additionally, Keystone has partnered with Core Logic to use its online valuation platform Remote Valuation Assist.
Brokers who advise their clients to take out a product transfer from Keystone will paid a procuration fee of up to 0.45%.
Elise Coole, managing director of Keystone Property Finance, said: “We’ve launched into some new and exciting areas so far this year, but have always been aware of the demand for product transfers within the specialist BTL market.
“We have worked hard to build an offering that means landlords now not only have an easy and seamless journey when renewing their mortgages with us, but they will also save a lot of money on fees.
“Very few specialist lenders currently offer product transfers, so we are thrilled to be able to provide a new option for landlords with more complex needs who simply want to switch onto a new rate.
‘’Continuing our efforts to incentivise landlords to upgrade the energy efficiency rating of their properties our popular green mortgage products will also be available as part of the product transfer offering. These are available for properties 5 years and older with an EPC rating of A-C.
“We are also very excited to be using an exciting new tech platform, Remote Valuation Assist, for our product transfer property valuations. This tool will not only allow us to value properties quickly, but it also allows us to do so without having to charge a fee.
“By launching product transfers, we feel we have made another step closer to achieving our goal of becoming the specialist buy to let lender of choice amongst brokers.’’
The specialist lender’s new product transfer options will be available to existing borrowers from 15 July.