The new range will be available for up to 70% loan to value and existing 5-year fixed rates at 75% LTV have been reduced by 0.40%. Similarly 3-year fixed rates at 75% LTV have been reduced by 0.15%.
David Whittaker, Keystone managing director, said: “We’ve worked hard with Aldermore Bank (which provides the funding line) to come up with a stand-out series of 5-year fixed rate products priced below 5%.
“It makes them really competitive particularly for landlords that sit outside mainstream buy to let lending criteria.
“The price reductions on the existing fixed rate products demonstrate how the gap between 3 and 5-year cost of funds has narrowed.
The new 5-year rate is particularly good for investors who like the security of locking in for a longer period of time.”
Keystone has also reduced its lender fee by up to 0.50% on the products designed for multi-unit and HMO properties and applications by limited companies. All fees in the Keystone range can be added to the loan amount on top of the LTV.
From a service perspective, Keystone has increased the number of solicitors on its panel with the appointment of Russell & Russell and changed its title indemnity insurance to speed up the completion time for remortgages.
Rob Lankey, managing director of commercial mortgages at Aldermore, said: “We are delighted to welcome Russell & Russell to the solicitor’s panel; it will certainly help with the rise in applications.
“Similarly the new title indemnity insurance will help Keystone provide a quicker more efficient service to brokers by reducing the time required for searches and paperwork on remortgages.”