Accord Mortgages has launched a new range tailored to the needs of first-time buy to let investors to help them get started.
In recognition of the trouble many would-be landlords face trying to secure a mortgage for the first time, Accord has launched two new deals for these clients. The broker-only arm of Yorkshire Building Society declared that it has expanded its buy to let offering to first-time landlords.
Those purchasing their first investment property to let will be subject to the same standard buy to let lending criteria as other landlords in order to be eligible for the deal. This includes a minimum requirement of a 25 per cent deposit. It is also imperative that applicants for the mortgage own their own residential home and pass several credit checks in order to qualify for the buy to let mortgage.
The deals launched by the lender are two low-fee purchase mortgages. These are intended to appeal to new landlords beginning their portfolios. A two-year fix is available at 2.69 per cent, as well as a five-year fix at 3.29 per cent for landlords along with a 25 per cent deposit.
Each of the options are accompanied by a £195 fee, as well as £1,000 cashback and free standard valuation. Despite being tailored to first-time investors, the mortgages are also available to existing landlords looking to expand their buy to let investment portfolios.
Accord Buy To Let’s commercial manager, Chris Maggs, commented on the new products: ‘The buy to let market has presented a number of hurdles for prospective landlords over the past year. However, there is still an appetite among would-be investors so we want to support that part of the market. We’re committed to helping those who have made a conscious decision to enter the buy to let market.’