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Both Foundation Homes Loans and Accord Buy to Let have enhanced their buy to let product ranges for investors.
Accord now offer an extra £250 cash back on selected 2-year-fixed 60 per cent and 65 per cent loan-to-value (LTV) mortgages across both its property purchase and remortgage range.
For those investors buying properties at 60 per cent LTV, Accord now have the 1.72 per cent 2-year-fixed rate product is now available with £500 cashback on completion and a free standard valuation.
For buy to let property investors remortgaging, the 1.82 per cent 2-year-fixed rate product at 65 per cent LTV is also now available with £500 cashback on completion and a free standard valuation.
Accord now offer five products across the range with £250 cashback, and nine products now offer £500 cashback on completion.
Commercial manager at Accord Buy to Let, Chris Maggs, said: ‘We have reviewed the level of cashback available on selected products in order to provide additional financial support to landlords looking to purchase or remortgage a buy to let property.
‘Our range of products are available to first-time landlords, existing landlords and customers looking to re-finance their existing residential mortgage on a buy to let basis where they intend to purchase a new residential property.’
Meanwhile, Foundation Home Loans have launched a limited-edition deal offering a three-year fixed rate product available to both limited companies and individuals.
The new product from Foundation Home Loans, available from 3.19 per cent with an arrangement fee of 1 per cent, has an interest cover ratio (ICR) of 125 per cent x 5.5 per cent for Limited Companies and 145 per cent x 5.5 per cent for Individuals. These ICRs apply to all applicant and property types, including HMOs and MUBs.
Andrew Ferguson, Commercial Director at Foundation Home Loans, a specialist lender, available only through intermediaries, said: ‘With ongoing uncertainty in the market and the full effect of the BTL tax changes materialising in 2021, we are confident these rates will give landlords an alternative solution to two and five-year deals, particularly as there is a real lack of three-year rates in the market.
‘The products cater for all property types and have a competitive fee. We also believe that these rates will be popular amongst Limited Company clients, where we have been seeing an increase in demand.’