Accord Buy To Let has reduced the product fee on selected mortgages by £650 to help landlords looking to remortgage or extend their portfolio.
All mortgages through Yorkshire Building Society’s intermediary-only lender with product fees of £2,495 will see these cut to £1,845, as well as rate reductions on selected fixed rate mortgages of up to 0.30 per cent.
Landlords with a 25 per cent deposit can now get a two-year fixed rate mortgage at 2.39 per cent, with a £1,845 fee.
The mortgage comes with a choice of incentives, including £500 cashback on completion, or free standard valuation and £300 cashback on completion for house purchases. Remortgaging landlords can opt for either free standard valuations and legal fees, or free standard valuation and £300 cashback on completion.
In addition, the lender has made a 0.20 per cent reduction on its five-year fixed rate mortgage at 75 per cent loan-to-value, which is now available at 3.19 per cent, as well as reducing the fee to £1,845. This option is available to both house purchase and remortgage customers.
Chris Maggs, Accord’s buy-to-let commercial manager, stated: “The cuts to our fixed-rate mortgages and the £650 reduction on fees, coupled with some great incentives, make our buy-to-let offerings highly competitive.
“We hope these will appeal to both brokers and landlords looking to get the most from a mortgage.”
Adviser view
James Carter, principal at brokers Independent James, commented: “It’s always great to see lenders reducing rates, but what we really need in the buy-to-let market is more innovation regarding rental calculations. Reducing the fees to under £2,000 is definitely positive as this appears to be a psychological tipping point for clients.”
peter.walker@ft.com
