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Accord Buy to Let is set to launch a new mortgage with the aim to provide property investors with more choice when reassessing their buy to let portfolio.
Accord Buy to Let is an intermediary-only lender operating as part of Yorkshire Building Society. Accord will offer a 1.94 per cent two-year fixed rate for landlords who are remortgaging. They will need a 35 per cent deposit.
The new mortgage is to be launched today. It has a fee of £1,495 along with free standard valuation and no legal fees.
Commercial manager at Accord Buy To Let, Chris Maggs, 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.’
Accord Buy to Let is offering other remortgage deals. These 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. Each product comes with a £950 fee and free standard valuation with no legal fees. £500 cashback is offered on completion.
For landlords looking to expand their portfolio there is a 2.39 per cent two-year fixed rate product available at 60 per cent LTV, or a 2.69 per cent two-year option at 75 per cent LTV. The products come with free standard valuation and £500 cashback on completion. They also have no fees.
Kusal Ariyawansa, a chartered financial planner at Manchester-based Appleton Gerrard, commented on the new products: ‘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.’