Keystone reduces rates
Keystone Property Finance has made a number of reductions across their rates.
Keystone has reduced their 2-year fixes by 10 basis points and their 5-year fixes by 25 basis points, also removing their 3-year rates in both standard and specialist product ranges.
These changes mean that Keystone’s 5-year fix offering start at 2.99% and their 2-year rates now start from 2.89%.
The cashback offerings have no been withdrawn from the market and are no longer available to brokers.
David Whittaker (pictured), chief executive of Keystone, said: “SWAP rates have been sitting lower than expected which has enabled Keystone to offer brokers new products which allow their clients to lock into lower rates whilst the market faces uncertainty over the next three months.
“Keystone are one of the first lenders to make the move from LIBOR to Bank Base Rate following upcoming changes to the market.
“I expect many more to make this move over the next year or so.
“As always we will continue to listen to brokers feedback and where possible we will adjust to meet their requirements.”
This comes after the recent announcement from the FCA that LIBOR is to be phased out by the end of 2021 and replaced by SONIA.