Accord adds cashback to buy-to-let mortgages

Accord adds cashback to buy-to-let mortgages

Accord has added cashback to its entire buy-to-let (BTL) mortgage range and cut rates on lower loan-to-value (LTV) products.

Landlords will receive a minimum of £250 when their mortgage completes and a maximum of £750 cashback depending on the product they select, helping them with the upfront costs of buying or remortgaging.

The intermediary-only arm of the Yorkshire Building Society has also reduced rates on 28 lower LTV BTL deals by up to 0.55 percentage points.

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Highlights include a 1.79 per cent two-year fix at 65 per cent LTV for remortgaging landlords, which comes with a £1,995 product fee, free standard valuation, free legal fees and £250 cashback on completion.

For those looking to expand their portfolio, there is a two-year fix at 1.99 per cent at 75 per cent LTV, available with a £1,995 product fee plus free standard valuation and £550 cashback on completion.

Accord’s buy-to-let commercial manager Chris Maggs said: “We’re always looking at ways to give landlords a helping hand so by adding cashback to our entire range, whether a purchase or remortgage, will provide landlords with some extra funds which is always beneficial when taking out a new mortgage.

“As well as cashback, many of our mortgages include free standard valuation and free legal fees which are popular with landlords so we hope that we have an appealing choice of additional features to suit different needs.”

Matthew Bird, investment and mortgage adviser at Newport-based Seer Green, said cashback can be a welcome addition but the overall product would need to be evaluated.

“You might get £250, but if the up-front fee is £2,000, then something with a £500 fee and a similar rate is going to be better,” he explained.

“You have to weigh the up-front fees and how much it is going to cost over the period – just looking at cashback on its own is irrelevant.”