Home Recent Landlord News Accord launches loan for remortgaging landlords

Accord launches loan for remortgaging landlords

Berkeley Group Blames Tax Increases For housing crisisAccord Buy To Let will launch a new mortgage which it said will provide landlords with more choice when reassessing their buy-to-let (BTL) portfolio.

The intermediary-only lender, which is part of Yorkshire Building Society, will offer a 1.94 per cent two-year fixed rate for remortgaging landlords with a 35 per cent deposit.

This mortgage, which will be launched tomorrow (Friday), has a £1,495 fee plus free standard valuation and no legal fees.

Chris Maggs, commercial manager at Accord Buy To Let, said: “Whether you’re a portfolio landlord with four or more properties or a landlord with a smaller portfolio these new products, coupled with competitive rental affordability requirements, are sure to prove popular with brokers and landlords.

“Our most preferred mortgages amongst landlords tend to be those which offer three key incentives, a free basic valuation, free legal fees covering standard legal work and a cashback. There has probably never been a better time to remortgage with Accord.”

Other remortgage deals available include a 2.84 per cent five-year fixed rate at 65 per cent loan-to-value (LTV), or a 2.94 per cent five-year fixed rate at 75per cent LTV. Both mortgages come with a £950 fee, free standard valuation and no legal fees, plus £500 cashback on completion.

For landlords looking to expand their portfolio there is a 2.39 per cent two-year fixed rate  at 60 per cent LTV, or a 2.69 per cent two-year option at 75 per cent LTV. This comes with the additional features of free standard valuation, £500 cashback on completion, and have no product fee.

Kusal Ariyawansa, a chartered financial planner at Manchester-based Appleton Gerrard, said: “This is a good two-year deal and the fee is justifiable as it covers a standard valuation and legals. At present I tend to recommend longer term fixed deals and a full survey for new purchases, unless extensive renovations are planned.”

BLA Scotland

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