Keystone’s new PT+ range, that lets product transfer customers borrow additional capital, has been reduced by up to 25 basis points.
“While many lenders will be waiting for Monetary Policy Committee’s decision before making a call on whether to reprice, we’re able to pass on significant savings to landlords regardless of the outcome,” said Elise Coole, managing director of Keystone Property Finance at the time.
“SWAP rates – which ultimately determine the cost of fixed rate mortgages – have eased off recently, giving us slack to sharpen our already competitive range.”
That announcement was quickly followed by a similar move from MPowered Mortgages. It made wholesale cuts to its fixed rate mortgages starting from 5:30pm on the same day. Its five-year fixed rates start at 4.14% for 60% LTV with a £999 fee for new purchase customers.
Its CEO, Stuart Cheetham, said the move was designed to give borrowers “good news” ahead of the announcement.