Accord Buy to Let cuts rates at 75% LTV

Michael Lloyd

April 24, 2018

Tomorrow Accord Buy To Let will reduce rates on selected two and 5-year fixed rate mortgages at 75% loan-to-value by up to 0.15%.

There will be a fee-free 2.62% 2-year fix available and a 5-year fix at 2.69%, with a £1,495 fee.

Ray Boulger, senior technical manager at John Charcol, said: “The buy-to-let market is interesting because activity in it has decreased significantly since the tax changes and gross lending, especially for purchases has fallen off.

“We’ve seen lenders compete more aggressively than in the residential market for the limited business out there.

“They can compete on rate and criteria. Seeing another lender cutting rates is clearly good news for landlords.”

Both mortgages provide remortgaging landlords with a choice of either free standard valuation and free legal fees, or £500 cashback on completion and free standard valuation. The latter option will also be available to landlords buying a new property.

Chris Maggs, commercial manager at Accord Buy To Let said: “Whilst two-years seem to be the term of choice for many of our customers, five-year deals are also growing in popularity as landlords look to fix for longer during the uncertain times ahead.

“We wanted to ensure that we have a number of attractive offerings available at both two and five years so landlords, with the help of a broker, can weigh up the best way forward for their portfolio.

“With a potential bank rate rise looming landlords may be savvy by plumping for a longer term deal, which could save them money in the long run.

“However, a shorter term will provide flexibility to react quickly should the market change over the next couple of years.”

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