Keystone Buy to Let Mortgages is to prioritise Classic Range purchase applications that are submitted by 29 January 2016.
It is setting the deadline in an effort to ensure that cases complete before 1 April 2016, when the new 3% stamp duty surcharge comes into effect.
However, the lender is not guaranteeing that all purchase cases will complete within this timeframe.
David Whittaker, managing director of Keystone, said: “Since the surcharge was announced we have been preparing for an increase in applications, making sure that systems are in place and staff are ready. We have also been working closely with our valuers and solicitors to ensure that they too are prepared for what we anticipate will be a very busy period.
“Getting purchase applications over the line before 1st April is our priority. It will save borrowers thousands of pounds. The deadline will give us a little over eight weeks to take cases from submission to completion. In most instances, that will be do-able – even for limited company applications which, because they require a greater underwriting skillset, can take longer to process.”
Keystone said that according to its management information it takes, as an industry average, 95 days to take a case from start to completion. As of today, there are just over 86 days to go until the stamp duty surcharge kicks in.
The lender is also asking brokers to tell clients how much money can be saved and encourage clients to respond promptly to all requests for paperwork and information.
