Keystone Property Finance has reduced a number of rates across its standard and specialist ranges by up to 20 basis points.

This means Keystone’s standard five-year fixed rates now start at 5.24% and its five-year specialist products start at 5.44%.

Meanwhile, the lender has also reduced its two-year product transfer and Switch & Fix fixed rates by 15bps and all five-year fixed rates in these ranges by 20bps.

Following the cuts, Keystone’s two- and five-year product transfer deals start at 6.79% and 6.24%, respectively, while its two and five-year Switch & Fix rates now start at 7.24% and 6.44%.

The lender’s Switch & Fix range gives borrowers the flexibility of a tracker rate with the ability to move on to a fixed rate from their Switch & Fix range within the initial two-year period at no extra cost.

Keystone’s rate cuts come a day after the Bank of England’s Monetary Policy Committee voted to keep interest rates at 5.25% for the second consecutive meeting.

Elise Coole, managing director, at Keystone Property Finance, said: “The Bank of England’s Monetary Policy Committee voted to hold rates for the second consecutive month on Thursday. Less than 24 hours later, we’ve reduced our rates.

“We hope that demonstrates to brokers and their clients that we don’t hang around and as soon as conditions allow we reduce our rates.”