Keystone Buy-to-Let Mortgages has launched two product ranges aimed at landlords borrowing to higher LTVs or looking to arrange larger loans.
The two ranges – Classic and Premier – provide a mix of both fixed and tracker rates for many different property types.
Fixed and discounted tracker rates up to a maximum of 80% loan-to-value (LTV) for loans of £50k to £400k are found in the classic range.
Rates of 75% LTV are also available for landlords requiring loans of up to £600k, while the range is available on standard buy-to-let, multi-units and HMO properties.
Meanwhile, the Premium range can cater for even higher loan amounts, with any amount between £600k and £1m available to 70% LTV on standard buy-to-let and multi-unit property.
David Whittaker, managing director of Keystone, explained that the change was a response to feedback from landlords in London and the South East where property prices are usually higher than elsewhere.
“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,” he explained.
“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.”
Existing Keystone rates, which are slightly cheaper, will stay on the market until 21 February when they will be withdrawn.
Rob Lankey, managing director of commercial mortgages at Aldermore, which funds Keystone products, explained that this was to give landlords time to finish current applications.
“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,” he said.
“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.
“In the first month of 2014 we passed the £100m advances milestone and we are looking forward to achieving further milestones with these new products as the year progresses.”
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