Accord Buy-to-let has reduced rates and added cash back offers to its mortgage range.
The latest changes apply to loans for landlords remortgaging or purchasing a property and are part of Accord’s move to meet “differing borrowing needs”.
Chris Maggs, commercial manager at Accord Buy-to-let, said he is confident the new range will appeal to a variety of borrowers reassessing their portfolio.
He said: “We recognise that landlords have differing needs so have varied the competitive rate offerings, additional features and range of mortgage fees for landlords, with the help of a broker, to weigh up.”
Accord Buy-to-let is offering landlords refinancing their portfolio, with a 35 per cent deposit, a two-year fixed rate mortgage at 1.82 per cent, reduced from 1.94 per cent, with a £1,495 fee, free standard valuation and a choice of either £750 cashback on completion or free legal fees and £250 cashback.
For landlords remortgaging with a 65 per cent loan-to-value (LTV), the lender is offering a fee-free option at a five-year fixed rate of 2.93 per cent, down from 2.99 per cent, accompanied by free standard valuation and free legal fees.
Tailored to expanding landlord portfolios, Accord Buy-to-let is also offering a two-year fixed rate mortgage at 1.74 per cent at 60 per cent LTV with a £1,495 fee, free standard valuation and £750 cashback, an increase of £250.
Liz Syms, chief executive of Connect Mortgages, said Accord’s reductions have brought them higher up the rate war table, but are not quite the cheapest in the market on pure rate alone.
She said: "The combination of the rate and the free survey and legal incentives does improve its competitiveness further.
“The ability to choose between free legals or a reasonable size cash back to cover a client's own legal costs is welcome, as many clients have struggled with poor service from solicitors chosen to deliver free legal schemes.”
rachel.addison@ft.com
