Keystone Property Finance has launched a new range of two-year tracker products for new business, product transfers, PT Plus and refurb-to-let exit.
The move follows a sharp increase in swap rates over recent weeks, with two-year rates rising by over 100 basis points since the end of February.
Keystone’s new tracker products, available at either 65% or 75% LTV, will track the Bank of England Base Rate with rates that start from BBR + 1.89% % and BBR + 1.99%, respectively.
Customers who take out one of the new tracker products will have the option to switch onto a fixed rate mortgage through Keystone’s Switch & Fix facility, once fixed rates become available again. This can be done with no application fees or early repayment charges.
Elise Coole, managing director at Keystone Property Finance, said: “In recent weeks, we have seen swap rates increase significantly. This has created volatility across the mortgage market and has impacted the availability of fixed rate products.
“Our priority is to ensure brokers and their landlord clients continue to have access to practical and competitive products, even in uncertain market conditions. With that in mind, we have moved quickly to launch these trackers to offer more choice and provide greater flexibility to brokers and borrowers alike.
“Importantly, landlords will also have the option to switch onto a fixed rate through our Switch & Fix facility. This allows them to secure longer-term certainty at a time that suits them, without incurring additional costs. We introduced similar deals during previous periods of market volatility, and they proved popular.
“As always, our focus is on ensuring brokers have the tools and support they need to navigate changing market conditions.”
