Keystone Property Finance has brought out two-year tracker products, which it said would support brokers in the volatile market.
The products are available across its new business, product transfer, PT Plus and Refurb to Let Exit ranges.
This comes after the significant rise in swap rates since the end of February, with two-year swaps increasing by over 100 basis points.
The products are available at 65% and 75% loan to value (LTV) and priced at 1.89% or 1.99% above the base rate respectively.
Borrowers who take out a tracker will have the option to switch onto a fixed rate product through Keystone’s Switch and Fix proposition, once fixed rates become available again. This can be completed with no application fees or early repayment charges.
Elise Coole, managing director of Keystone Property Finance, said: “In recent weeks, we have seen swap rates increase significantly. This has created volatility across the mortgage market and has impacted the availability of fixed rate products.
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“Our priority is to ensure brokers and their landlord clients continue to have access to practical and competitive products, even in uncertain market conditions. With that in mind, we have moved quickly to launch these trackers to offer more choice and provide greater flexibility to brokers and borrowers alike.”
She added: “Importantly, landlords will also have the option to switch onto a fixed rate through our Switch and Fix facility. This allows them to secure longer-term certainty at a time that suits them, without incurring additional costs. We introduced similar deals during previous periods of market volatility, and they proved popular.
“As always, our focus is on ensuring brokers have the tools and support they need to navigate changing market conditions.”