Keystone Property Finance has revamped its lending criteria for both portfolio and non-portfolio landlords in order to send out a message of resolution in light of the new PRA guidelines.
The specialist buy to let lender has increased the maximum individual loan available, raising it from £750,000 to £1million. This applies to borrowing up to 65 per cent Loan To Value (LTV). The new, larger loan amount is available to both landlords borrowing for themselves and also for those borrowing via a limited company.
Keystone has also changed the way in which it assesses landlords’ suitability for finance. When assessing the suitability of potential property investors, Keystone will now be accepting applications from borrowers aged just 21 years. This is down from their previous minimum age of 25 years. The firm will now also consider non-home-owners, although those hoping to apply for one of the products will need to be in possession of at least one buy to let investment property.
Another development to the range is that the minimum length of employment or self-employment in a particular role has been removed. Prior to this, applicants were expected to have at least one year’s track record in either employment or self-employment.
Keystone has also decided to broaden its remit on UK residency requirements. The lender will now accept skilled workers on both Tier 1 and Tier 2 visas. Previously it was only individuals with permanent rights to reside in the UK who were able to be considered.
CEO of Keystone Property Finance, David Whittaker, commented on the new products and changes to existing offerings, saying: ‘We wanted to show both portfolio and non-portfolio landlords that we are open for business, and the new PRA guidelines will not alter our lending appetite.’