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Phil Riches

Sales & Marketing Director Keystone Property Finance

On the 17th March , Keystone decided to close its head office and switch all its staff to remote working due to the coronavirus outbreak . The mortgage industry has found itself having to weather two ‘ once in a generation ’ crises – the Great Financial Crisis of 2008 and now the Great Health Crisis of 2020 . But the coronavirus pandemic is quite different from the crash of 2008 .

In 2008 , the Buy-to-Let market went from 39 lenders with 2,000 products to a low point of just five lenders with 98 products . In contrast before the COVID-19

lockdown there were 48 Buy-to-Let lenders with 1,846 products on 16th March – by the end of April 2020 , there were 42 lenders with 768 products and as at the end of November 2020 this has increased to 49 lenders with 1,254 products .

The industry has pulled together , with both brokers and lenders working to keep transactions moving throughout the pandemic which has continued throughout the second half of 2020 . At Keystone , we recognise that the mortgage market must be a part of the recovery solution and especially Buy-to-Let mortgages .

The latest measures Keystone has taken to help support brokers with new and existing cases is by offering extended working hours via their online chat ...

Embracing technology

One of the biggest impacts of the COV- ID-19 outbreak on the housing sector has been the move to remote working and , as a result , technology has become integral to keeping businesses open . The digitalisation of the mortgage market has been on the agenda for many years ; however , this crisis has been the trigger point for the whole of the industry to adopt a digital approach .

Keystone have always been at the forefront of embracing technology and started by creating its very own bespoke mortgage processing system when it became a lender in September 2018 . Throughout lockdown , Keystone has maintained full broker service as well as putting in place a package of measures to supported brokers . These range from accepting legal advice via online video calls , offering online broker chats and BDM video meetings in addition to telephone and email services .

Moving forward in 2021 and the Stamp Duty holiday

With the imposing Stamp Duty Land Tax incentive ending on the 31st March 2021 , the numbers suggest that applications are 20 % above peak industry levels due to borrowers trying to benefit for this incentive .

The BTL market accounts for around 15 % of market activity but the new Stamp Duty Holiday impacts the whole market making the knock-on effect broadly seven times larger . This is a time where lenders need to help guide brokers in the best way possible to help their client ’ s cases complete in time .

The latest measures Keystone has taken to help support brokers with new and existing cases is by offering extended working hours via their online chat as well as the publication of service levels and turnaround times . Both have been brought in to give brokers a better level of clarity when placing cases and is something that will continue to be used moving forward into 2021 and beyond .

How can Keystone help ?

Keystone is here to support you and your clients complex Buy-to-Let cases , to find out more visit www . keystonepropertyfinance . co . uk or email the Business Development Managers on enquiry @ keystonepropertyfinance . co . uk .

Property Finance