The buy to let mortgage market is undergoing a price revamp, with both Coventry and Accord reducing rates for investment properties.
Coventry for intermediaries reduced rates on its 2, 3 and 5 year fixes. The reductions were by 0.3 per cent, at 50 per cent and 60 per cent loan to value (LTV). All buy to let products include a valuation of up to £700.
Coventry also opted to reduce 90 per cent LTV 5 year fixes by up to 0.16 per cent. £500 in cashback will also be offered on fixed residential completions for both first time buyers and homeowners.
Director of intermediaries, Kevin Purvey, said: ‘We’re delighted to make reductions on our buy to let mortgages, with a range of options for brokers looking for competitive products at 50-65 per cent LTV for their clients.’
Accord has also reduced buy to let rates across 14 buy to let remortgage products by up to 0.17 per cent. The reductions have been applied to the firm’s five-year fix at 2.66 per cent at 60 per cent LTV, which now stands at 2.45 per cent. The loan comes with a product fee of £950, along with well as free standard valuation and free legal fees.
It is also available with free standard valuation and £500 cashback on completion as opposed to free legal fees.
Accord has has also reduced its five-year fix at 65 per cent LTV to 3.09 per cent.
The five-year deal comes with a product fee of £450 and comes with free standard valuation and free legal fees.
The two-year fix at 75 per cent LTV also saw cuts of 0.05 per cent, now at 2.64 per cent. The product has a £450 product fee along with £500 cashback on completion and free standard valuation.
Accord Buy to Let commercial manager Chris Maggs commented: ‘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.’