An example can be seen in the case of one client, who is the sole director of a newly incorporated SPV limited company which purchased a flat in need of renovation using bridging finance. When the works were completed, his broker approached Keystone for longer term finance. Ready and able to help, Keystone funded 70% of the improved value of the flat with a 20 year interest only mortgage.
The full process for this complex application, from receipt of enquiry to completion, took less than a month and the case completed in time for the client to repay the bridging finance before a further monthly interest payment was due.
David Whittaker, managing director of Keystone Buy to Let Mortgages and Mortgages for Business, said: “Feedback from brokers confirms that our new system is really working. Typically, complex buy to let transactions always take longer to process than vanilla applications but that doesn’t mean we can rest on our laurels. We will continue to work hard to speed up mortgage application processing times and will be announcing additional system enhancements for brokers in the coming weeks.”