Accord reduces rates

Accord reduces rates

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.

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“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.”