Intermediary lender Accord has reduced its remortgage rates for landlords by up to 0.15 per cent.
The intermediary-only lender, which is part of Yorkshire Building Society Group, has reduced selected rates on its range of two-year fixed rate 60 per cent and 75 per cent loan-to-value (LTV) mortgages.
Remortgaging landlords with a 25 per cent deposit are being offered a range of two-year fixed rate mortgages with £800 or £2,495 fee options and a choice of incentives on selected products.
Chris Maggs, Accord’s buy-to-let commercial manager, said landlords taking out a two or three-year product will benefit at the end of the mortgage term, as they will revert to the discounted reversion rate or have the option of transferring to another attractive product available for existing borrowers.
He said: “We are constantly reviewing our buy-to-let mortgages to offer the best fit for landlords, and we hope that this combination of benefits will really appeal to both landlords and brokers looking for the best option to suit their individual requirements.”
The two-year fixed rate remortgage range includes:
• 2.34 per cent at 75 per cent LTV, with a £2,495 product fee.
• 2.49 per cent at 75 per cent LTV, with a £2,495 product fee and free standard valuation and legal fees.
• 2.49 per cent at 75 per cent LTV, with a £2,495 product fee and £300 cashback on completion and free standard valuation.
• 2.64 per cent at 75 per cent LTV, with a £800 product fee.
• 2.89 per cent at 75 per cent LTV, with a £800 product fee and free standard legal fees or £300 cashback on completion, and free standard valuation.
Each mortgage is available with a discounted reversion rate of 4.04 per cent for three years once the initial fixed rate period ends.
During the reversion rate period, landlords will not have to pay any early repayment charges and can redeem their mortgage at any time.
On the loan’s fifth anniversary, the mortgage rate will revert to Accord’s standard variable rate of 5.79 per cent.
Andrew Lawson, IFA at Coast To Coast Financial Planning Services, said: “When are lenders going to realise that most landlords are in it for the long term.
“As such, they require long term fixed rates so they can match a fixed outgoing (mortgage) to a relatively fixed income (rent).”