Accord cuts buy-to-let remortgage rates

Accord cuts buy-to-let remortgage rates

Accord has cut selected remortgage rates for buy-to-let landlords by up to 0.17 percentage points.

The intermediary arm of the Yorkshire Building Society is offering a 2.64 per cent two-year fixed rate deal at 75 per cent loan-to-value (LTV) with a £450 product fee, £500 cashback on completion and free standard valuation.

Landlords looking to lock in for longer can take out a 3.09 per cent five-year fix at 65 per cent LTV, which has a £450 product fee, free standard valuation and free legal fees.

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Chris Maggs, commercial manager at Accord Buy-to-let, said: “We recently adjusted our house purchase range giving landlords looking to expand their portfolio a boost, and we’re pleased to be able to offer landlords a further helping hand with the upfront costs of remortgaging.

“We know there are differing views amongst landlords about choosing a conveyancer, so we have provided a choice of additional extras to suit different individual’s needs.”

Mike Richards, director at London-based Mortgage Concepts Associates, said: “It is a useful move. I think probably because of the lending they expected to do on buy-to-let has not happened [lenders] are all fighting for the same small amount of business and trying to make themselves a bit more competitive to get the business that is there.

“It is probably also because their market share is not as great as they wanted it to be on buy-to-let. Competition in that market is useful, because there are still people looking at remortgaging buy-to-lets, and if they are non-portfolio landlords those are very good rates.”