This includes its two and five-year fixed rate mortgages for first-time buyer, house purchase and remortgage with £995 product fees.
It would also be withdrawing its 10-year fixed first-time buyer, house purchase, shared ownership and remortgage products as well as its 10-year fixed buy-to-let house purchase and remortgage deals.
Changes apply from today.
Keystone launches seven-year fixed BTL product
Keystone Property Finance has launched two seven-year fixed rates as part of its standard buy-to-let range.
The lender now offers a 3.39 per cent product at 65 per cent loan to value (LTV) and a 3.49 per cent product at 75 per cent LTV, both of which are available on loans between £50,000 and £1m.
Keystone said it is also offering two seven-year fixes as part of its specialist range for houses of multiple occupation (HMOs) and multi-unit properties.
These include a 3.69 per cent product at 65 per cent LTV and a 3.79 per cent product at 75 per cent LTV, both of which are available on loans between £50,000 and £1m.
Borrowers who are already Keystone customers can choose from four seven-year fixed rates as part of the lender’s product transfer offering.
For standard properties, this includes a 3.39 per cent product at 65 per cent LTV and a 3.49 per cent product at 75 per cent LTV. For HMOs and multi-unit properties, there is a 3.69 per cent product at 65 per cent LTV and a 3.79 per cent product at 75 per cent LTV.
Elise Coole, managing director of Keystone Property Finance, said the lender had always prided itself on offering products that brokers and their landlords want.
She added: “In recent months, the topic that has been coming up time and time again when we speak with brokers is that landlords are increasingly after long-term fixed rates.
“It is completely understandable that landlords would want the long-term security that a seven-year fixed rate provides given that the Bank of England has increased interest rates twice since December. It looks increasingly likely that we will see further rate increases in 2022 if inflation continues to run well above the Bank of England’s two per cent target.”
Coole said: “That is something we hear is genuinely keeping some landlords up at night, hence our decision to launch our first ever range of seven-year fixed rates today. Also, as one of the few specialist lenders with a product transfer offering, it means that our existing borrowers who wish to stay with us get the same opportunity fix for the long-term.”
