Keystone Property Finance will launch a product transfer option that it says allows landlords to “seamlessly” switch to a new rate when their current offers end.
The specialist buy-to-let lender says landlords will be able to choose from its current core selection of two and five-year fixed rates up to 75% loan to value, which includes standard, specialist, and green ranges.
The firm says product transfer borrowers will not have to pay application or valuation fees, while the arrangement fee will be halved to 1%.
Its new product transfer option begins on 15 July.
Brokers who advise their clients to take out a product transfer will be paid a procuration fee of up to 0.45%, the lender says.
Keystone has partnered with property data firm Core Logic to use its online valuation platform, Remote Valuation Assist, which it says “will make the product switching process even more seamless”.
This year, Keystone completed its first securitisation in January, launched a green mortgage range in April and entered the holiday lets market last month.
Keystone Property Finance managing director Elise Coole says: “We’ve launched into some new and exciting areas so far this year, but have always been aware of the demand for product transfers within the specialist BTL market.
“We have worked hard to build an offering that means landlords now not only have an easy and seamless journey when renewing their mortgages with us, but they will also save a lot of money on fees.
“Very few specialist lenders currently offer product transfers, so we are thrilled to be able to provide a new option for landlords with more complex needs who simply want to switch onto a new rate.
‘’Continuing our efforts to incentivise landlords to upgrade the energy efficiency rating of their properties our popular green mortgage products will also be available as part of the product transfer offering. These are available for properties five years and older with an energy performance certificate rating of A to C.”
“We are also very excited to be using an exciting new tech platform, Remote Valuation Assist, for our product transfer property valuations. This tool will not only allow us to value properties quickly, but it also allows us to do so without having to charge a fee.”
