Accord Buy to Let has reduced the rate on selected mortgages by up to 0.4 per cent.
The intermediary-only lender, which is part of the Yorkshire Building Society Group, has also included incentives of cashback on completion.
Chris Maggs, Accord’s buy-to-let commercial manager, said: “There is still a healthy appetite for buy-to-let mortgages.
“We hope that our expanding mortgage range and competitive rate reductions will appeal to brokers who are trying to find the best fit for their clients.
“Our range provides landlords with a larger loan size the opportunity to lock into a competitive rate for up to five years before interest rates start to rise, as well as a choice of incentives for those looking to cushion the upfront cost of buying or remortgaging.”
Key features
■ The two-year fixed-rate mortgage for landlords with a 75 per cent LTV has been cut from 2.99 per cent to 2.59 per cent
■ Accord has made a 0.2 per cent rate reduction on its two-year fixed mortgage for 60 per cent LTV and its three-year fixed-rate mortgage for 75 per cent LTV, which are now 2.04 per cent and 3.34 per cent respectively
■ All three mortgages offer £500 cashback on completion for those looking to expand their portfolio, or a choice of either £300 cashback or free standard legal work and standard valuation for remortgaging landlords
■ They all include a product fee of £2,495
Adviser view
Sarah Stone, a financial adviser with Essex-based Harbour Financial, said: “I haven’t used Accord very often. I’ve tried to but their rental affordability test uses a relatively high supposed interest rate as against other lenders, and their judgement of credit history is incredibly tight, again when compared with other lenders.
“I’ve seen BTL really pick up. A lot of views I’m hearing from clients is that they see it as a more stable option in the long term for growing their capital, while providing a top-up to their income at the same.”
