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Keystone scraps self-employed evidence requirements with BTL criteria overhaul

  • 11/10/2017
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Keystone scraps self-employed evidence requirements with BTL criteria overhaul
Keystone Property Finance has made a series of criteria enhancements aimed at portfolio and non-portfolio landlords.

The maximum individual loan available has been increased from £750,000 to £1m on borrowing up to 65% loan to value. Keystone said the increase was introduced to help a growing number of landlords looking to secure larger loans, particularly on more expensive property.

The larger loan amount is available to landlords borrowing both personally and through a limited company.

Keystone will also accept applications from borrowers aged 21 years, down from 25 years, and non-home-owners will also be considered although they must own at least one buy-to-let property in the UK.

Further, the minimum length of employment or self-employment in a particular role has been scrapped. Previously, applicants were expected to have at least one year’s track record.


Immigration and high rise

Keystone will now accept skilled workers on both Tier 1 and Tier 2 visas, whereas before, only individuals with permanent rights to reside in the UK would be considered.

From a property perspective, flats in high rise blocks will be accepted on a case-by-case basis, depending on the number of storeys and the percentage of private ownership within the block.

Keystone Property Finance CEO David Whittaker said: “We wanted to show both portfolio and non-portfolio landlords that we are open for business, and the new Prudential Regulation Authority (PRA) guidelines will not alter our lending appetite.”

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