The products are available to individual and limited company landlords with single-dwelling properties, and those looking to purchase houses in multiple occupation (HMOs) and multi-unit freehold block (MUFB) properties with up to six bedrooms or units.
The range includes two- and five-year fixed rate options with a choice of 2% and 5% product fees and free valuations on all property types. The product fee can be added to the loan amount up to 80% LTV, while two-year fixed pound-for-pound remortgages are stressed at pay rate up to 80% gross LTV.
Becki Fraser-Tucker, head of sales at ModaMortgages, said: “We’re really excited to be giving brokers and their clients even more choice at 80% LTV.
“For landlords, having that extra capacity can make a real difference. It could mean getting that next purchase over the line sooner, keeping more cash back for improvements or having the flexibility to take the next step in growing a portfolio.
“We want to help brokers find solutions for more of their landlord clients, and adding these new products makes our 80% LTV offering stronger than ever.”
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Accord cuts BTL and residential mortgage rates
Accord Mortgages has announced mortgage rate reductions taking effect from 22 October across its BTL and residential ranges.
Selected residential fixed rates will be reduced by up to 0.06% across all LTV tiers, including its £5k Deposit Mortgage.
Residential changes include its two-year fixed purchase product at 75% LTV, down from 5.22% to 5.16%, which has a £1,495 fee and standard valuation.
The fee-free five-year fix for first-time buyers with a £5,000 deposit has been cut from 6.58% to 6.52%. This product comes with a standard valuation.
Accord Mortgages has also lowered BTL rates by as much as 0.69% for purchase and 0.68% for remortgage.
This includes the two-year fixed remortgage product at 80% LTV, which has been cut from 6.42% to 5.89%, with a £999 fee, standard valuation and remortgage legal service.
The purchase alternative has been reduced from 6.02% to 5.48%.
At 75% LTV, a two-year fixed remortgage has been reduced from 5.42% to 5.29% and has a £995 fee, standard valuation and remortgage legal service.
Jeremy Duncombe, managing director of Accord Mortgages, said: “We’re pleased to make our range even more competitive as part of our commitment to delivering the best possible value for brokers and their clients, whether they’re buying a home, remortgaging or financing a BTL property.”
Finally ‘good news’ as TSB makes 0.1% rate cuts
TSB will reduce two-, three- and five-year mortgage rates by as much as 0.1% on 22 October, while selected remortgage rates will also decrease.
This week has seen a mix of rate reductions and increases from various lenders, with Santander, Gen H and Family Building Society among those to introduce lower pricing.
Mike Staton, director at Staton Mortgages, said this was finally “a bit of good news for mortgage borrowers” but noted it was not yet time to celebrate.
He added: “A 0.1% reduction is hardly going to transform anyone’s finances, but at least TSB is moving in the right direction.
“The frustrating thing is that lenders are perfectly capable of competing and reducing rates, but the economic uncertainty hanging over this country continues to make life unnecessarily difficult for homeowners.
“Borrowers deserve better than the constant uncertainty they’ve been subjected to. TSB deserves credit for making a positive move, but let’s not confuse a lender fighting for business with an economy that’s suddenly finding its feet.”
Harry Goodliffe, director at HTG Mortgages, also said this was not a sign of the market turning, and the focus on purchase mortgages highlighted “exactly where the business has dried up“.
Michelle Lawson, director at Lawson Financial, said the cut was “only a hair’s breadth, something is better than nothing at the moment”.
She added: “Swaps, gilts and SONIA are still rising, so there is no real stability other than a small boon for borrowers.
“This could be a bit of market adjustment ahead of the Budget and nothing to get excited about for long-term prospects, but it all pays for something.”
