Buy-to-let  

Accord cuts buy-to-let rates

Accord cuts buy-to-let rates

Accord has cut buy-to-let mortgage rates by up to 0.2 per cent.

On top of the rate cuts, buy-to-let investors will no longer be charged a £130 application processing fee at the point of applying for a mortgage.

The intermediary-only lender, which is part of Yorkshire Building Society Group, has reduced rates on a selected 60 per cent and 65 per cent loan-to-value (LTV) mortgages across its two, three and five-year range.

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Highlights include a two-year fix at 1.59 per cent at 60 per cent LTV, available to both remortgaging landlords and those looking to expand their portfolio. 

The mortgage comes with a £1,995 product fee. 

Chris Maggs, Yorkshire Building Society’s buy-to-let commercial manager, said: “Whilst all our products remain very competitive, the reductions to some of our lower LTV fixed-rate mortgages give landlords with 40 per cent or 35 per cent deposits a choice of some highly competitive deals. 

“We hope these will appeal to both brokers and landlords looking to get the most from a mortgage.

“To reflect the changes we have made to our residential products, we have removed the mortgage application processing fee on all buy-to-let mortgages. 

“We hope this will help landlords to limit the upfront costs of getting a mortgage, plus give them the confidence that they won’t have to pay any product fees until the mortgage has completed.”

David Hollingworth, head of communications at London & Country Mortgages, said the rate change at Accord was yet another sign of how competitive the buy-to-let market is at the moment. 

Mr Hollingworth said: “Even though swap rates remain elevated compared to the low in August lenders continue to sharpen their rates to remain competitive. That's a boon to landlords that will want to control their costs as the market undergoes a period of change.”

emma.hughes@ft.com