Landlords who remortgage through Accord will receive an extra cashback boost of £250 from tomorrow (19 May).
The move by the Yorkshire Building Society’s intermediary arm means those who opt for 65 per cent and 75 per cent loan-to-value (LTV) fixed rate mortgages will get up to £550 cashback once their mortgage completes.
The extra £250 comes on top of existing incentives such as free standard valuation.
Accord has also enhanced its three-year fixed rate range for purchase and remortgage by launching products at 75 per cent LTV and cutting rates on existing three-year options by up to 0.23 per cent.
A 2.46 per cent three-year fix is available to remortgaging landlords with a 35 per cent deposit, which comes with a £1,995 product fee plus free standard valuation, free legal fees and £250 cashback on completion.
Landlords looking to expand their portfolio can opt for a 2.78 per cent three-year fix purchase mortgage at 75 per cent LTV, with a £450 product fee and £300 cashback on completion.
Chris Maggs, Accord’s buy-to-let commercial manager, said: “In 2017 the market has seen a considerable shift from purchase to remortgage transactions.
“The changes impacting landlords’ personal taxation and the stamp duty land tax surcharge on second properties has slowed purchase activity with landlords focusing on re-financing to make their portfolios work for them.
“Our latest range of products aims to provide landlords with a helping hand when managing their portfolios.”
Bob Riach, owner at Scunthorpe-based Riach Financial Advisers, said: “There are not many lenders giving cashback for buy-to-let, so I think it is a good thing.
"Increasing the cashback can be handy for some clients who need that to pay some of the fees.
“But it depends on the interest rate. With some lenders, some of the deals with cashback have higher interest rates, so it is about being competitive.”
simon.allin@ft.com
