Accord has expanded its range of fixed rate buy-to-let mortgages for landlords with deposits of 25 per cent or more.
The lender, which is part of the Yorkshire Building Society, has introduced 14 additional three and five-year fixed rate products that come with a cashback feature of up to £750.
Highlights for new purchases at 65 per cent loan-to-value (LTV) include a 2.74 per cent three-year fix with a product fee of £450, plus £550 cashback on completion and free standard valuation.
Alternatively, borrowers can opt for a 2.24 per cent three-year fix which comes with a £1,995 product fee and £250 cashback on completion.
Landlords looking to remortgage can take out a three-year fix at 2.54 per cent at 65 per cent LTV, with a £950 product fee, £750 cashback on completion and free standard valuation.
For landlords looking to remortgage at 60 per cent LTV, Accord is offering a five-year at 2.51 per cent with £550 cashback on completion, free standard valuation and a £950 fee.
Chris Maggs, commercial manager at Accord Buy-to-let, said: “With the threat of a potential rate rise looming we feel our five-year fixed rate options will appeal to landlords at the moment, so we wanted to provide them with a choice of competitive deals.
“We recently began offering mortgages to first-time landlords, so we hope our new purchase loans will help all landlords looking to build a buy-to-let portfolio.
“There’s further good news for brokers and landlords as we have also reduced rates on selected mortgages by up to 0.2 per cent, so we have a really competitive range that suits a variety of borrowing needs.”
Paul Howard, proprietor at Reading-based Box Financial Planning, said: “The rates seem reasonable. They are trickling up a little, but various comments from the Bank of England suggest rates are probably going to go up sooner or later.
“As with anything, it is a combination of what the mortgage value is and making sure the initial fees are worth paying, or opting for a fee-free arrangement.”
He added that a lot of remortgages now come with cashback rather than free legals, but he preferred the latter because they save the buyer from added hassle of making their own conveyancing arrangements.
simon.allin@ft.com
