Keystone Property Finance has announced it now allows landlords to apply for a further advance alongside one of the lender’s product transfer options.
The specialist BTL lender’s new PT Plus range offers two- and five-year fixed rates at up to 80% LTV, with arrangement fees of 1.5% or 3.5% — mirroring the lender’s existing product transfer range.
The size of the further advance is determined by an affordability assessment, with both individual and limited company applications acceptable.
The borrower must submit their application via an intermediary — Keystone will also pay a procuration fee of 0.55% on the total borrowing.
A physical valuation will be required for all applications, but that cost will be borne by Keystone, rather than the borrower.
Borrowers must also seek out independent legal advice for limited company applications, which can be done via Keystone through ILA Law for £175 + VAT per director or independently.
Elise Coole, managing director at Keystone, said: “There are many good reasons to opt for a product transfer, which is why they have become so popular with borrowers over the past few years.
“However, one of the drawbacks is that they are like-for-like transactions, meaning that borrowers cannot tap into the equity in their properties when they need it without going through the full remortgage process or resorting to a second charge loan; this creates unnecessary complication and cost.
“By offering further advances on product transfer cases, we are offering a cost-effective and hassle-free way for landlords to release extra capital.”
