Keystone Property Finance has raised cashback on mortgages over £150,000.

On the largest loans the cashback has more than doubled.

The lender previously paid £750 on loans between £150,000-£500,000 and £1,000 on loans between £500,001-£1m.

It has now introduced a three-tier scheme:

• £1,000 on loans between £150,000 and £400,000
• £1,500 on loans between £400,001 and £750,000
• £2,000 on loans between £750,001 and £1m

The specialist buy-to-let lender was founded in 2006 in partnership with Bradford & Bingley, before establishing funding partnerships with Aldermore and then Paratus AMC.

However, Keystone relaunched as an independent lender in September 2018, meaning it is the legal title holder of the mortgages and is in full control of lending decisions.

Keystone Property Finance managing director Elise Coole says: “Our larger loan cashback offer has been hugely popular with both brokers and landlords since we introduced it back in May.

“But we felt we wanted to give a little bit extra back to landlords as we celebrate a key milestone in our history.

“We are thrilled to have reached £600m in completions in such a short space of time and we realise we wouldn’t have achieved that had it not been for our loyal broker partners and their clients.

“At the same time, finances are still tight for many landlords, a situation that won’t be helped if the Bank of England presses ahead with a rate rise in the coming months, as expected.

“We thought the best way to provide some sort of relief to our borrowers would be to put more cash back into their pockets, which is why we decided to introduce a new and improved cashback offering.”