Mortgage News
Keystone raises proc. fees on buy-to-let credit repair range
Specialist lender Keystone Buy to Let Mortgages has increased its procuration fees on its Solutions range, aimed at landlords looking for a credit repair product, from 0.75% to 1%.
The lender is also issuing a service promise to complete an application and allow landlords to draw down funds within a week of instructing solicitors.
Keystone said its service claim will give bridging lenders ‘a run for their money’.
Managing director David Whittaker said: “We’ve worked extremely hard with our funding partners, Lancashire Mortgage Corporation, to get the application processing right and believe we have implemented a very slick workflow.
“We can already offer within 48 hours of receiving a case and valuations are then carried out within a few days. We are now confident that, if required, we could complete an application and draw down funds within a week of instructing solicitors.”
The Solutions range, launched in October 2014, has rates starting at 8.49% fixed for three years for individuals and 8.99% for limited companies with higher rates applied to borrowers with more ‘untidy’ credit profiles.
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Loans are available from 55 to 70% loan-to-value (LTV) and 75% LTV by referral.
The lender accepts applications for non-standard properties and borrowers looking for finance as a limited company.
The range divides adverse credit into three categories; light, light to medium and medium to heavy.