Keystone rolls out two new ranges up to 80% LTV

Keystone Buy to Let Mortgages has launched two product ranges – Classic and Premier – to cater more closely to the changing borrowing needs of landlords.

Related topics:  Mortgages
Amy Loddington
5th February 2014
Mortgages

The Classic range provides an assortment of both fixed and discounted tracker rates up to a maximum of 80% loan to value for loans of £50k-£400k. It also has rates up to 75% LTV for landlords looking for loans of up to £600k. The rates in the Classic range are available on standard buy to lets, multi-units and HMO properties.

The new Premier range caters for landlords looking to borrow even larger amounts making loans between £600k and £1m available to 70% LTV on standard buy to lets and multi-unit property.

Commenting on the launch, 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."

The existing Keystone rates, which are slightly cheaper, will run alongside the new ranges until 21st February when they will be withdrawn from the market.

Rob Lankey, Managing Director of Commercial Mortgages at Aldermore, which funds the Keystone products 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."

"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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