Keystone Property Finance collected cashback on mortgages over £150,000.
On the largest loans, the cashback more than doubled.
The lender previously paid £750 on loans between £150,000 and £500,000 and £1,000 on loans between £500,001 and £1m.
He has now introduced a three-tier system:
- £1,000 on loans between £150,000 and £400,000
- £1,500 on loans between £400,001 and £750,000
- £2,000 on loans between £750,001 and £1m
The buy-to-let lender was founded in 2006 in partnership with Bradford & Bingley, before establishing financing partnerships with Aldermore and then Paratus AMC.
However, Keystone relaunched as an independent lender in September 2018, meaning it is the legal holder of mortgage-backed securities and has full control over lending decisions.
Elise Coole, managing director of Keystone Property Finance, says: “Our larger loan repayment offer has been hugely popular with brokers and landlords since we introduced it in May.
“But we felt we wanted to give back to the owners a bit more as we celebrate a key milestone in our history.
“We are delighted to have reached £600 million in such a short time and realize that we would not have achieved this goal without our loyal brokerage partners and their clients.
“At the same time, finances are still tight for many homeowners, a situation which will not be helped if the Bank of England sticks to a rate hike in the coming months, as expected.
“We thought the best way to relieve our borrowers would be to put more money back in their pockets, so we decided to introduce a new and improved cashback offer.”