Keystone Property Finance has reintroduced a number of five-year fixed rate mortgages to its product range.
The lender’s new range of fixed rates are available for standard and specialist properties, expats, holiday lets and product transfers at 65% and 75% LTV.
The new fixed rate range starts at:
- 6.99% for standard buy-to-let properties
- 7.19% for product transfers
- 7.24% for specialist buy-to-let properties, such as HMOs and multi-units
- 7.39% for expat borrowers financing standard buy-to-let properties
- 7.64% for expats financing specialist buy-to-let properties
- 7.69% for holiday lets.
The lender is offering two arrangement fee options: the lowest rates in the range come with a 3% arrangement fee; however, landlords can opt to pay an additional 20 basis points on their rate in exchange for a smaller arrangement fee of 2%.
For example, the lowest rate in the standard fixed rate range is 6.99% at 65% LTV, which comes with a 3% arrangement fee. However, a 2% arrangement fee version is available for 7.19%.
Keystone is also allowing borrowers who have completed on one of the lender’s existing variable rate mortgages to switch to one of their new fixed rate loans using its ‘switch and fix’ initiative.
Borrowers using Keystone’s ‘switch and fix’ initiative will not have to pay any fees and can choose from any of the lender’s new fixed rates that have a 2% arrangement.
Elise Coole, managing director at Keystone Property Finance, said: “We are delighted to reintroduce fixed rate mortgages to our range and we are confident they can stand their own against anything currently in the specialist end of the buy-to-let market. Our new range has options for all landlords, whether they’re buying or refinancing a standard, specialist or holiday let property.
“One of the standout features of our new range is that it provides a great deal of flexibility to borrowers who have recently taken out one of our variable rate loans. Using our ‘switch and fix’ initiative, these borrowers can move onto one of our new fixed rate mortgages fee-free. We believe this sort of flexibility is perfect for someone who believes that variable rates will continue to rise in the short-to-medium term and wants certainty over their repayments.”
