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Accord lowers minimum property value for buy to let

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  • 29/04/2016
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Accord lowers minimum property value for buy to let
Accord Mortgages has reduced its minimum property valuation from £100,000 to £75,000 on buy-to-let applicants.

The lender said it had made the criteria changes to help landlords who want to invest in lower value properties.

Accord will also now offer buy-to-let mortgages on ex-local authority properties.

Chris Maggs, Accord’s buy-to-let commercial manager, said: “We’ve taken on board feedback from brokers and we’re pleased to be able to widen our lending proposition. These changes will be good news for landlords looking to expand their portfolios, particularly those in the North and Midlands where average property prices are lower in comparison with the rest of the UK.”

Ying Tan, managing director at The Buy to Let Business, said: “This is welcome news. Buy to let is thriving throughout the UK not just in London and the South East. With increased emphasis on stress testing and affordability, high yielding properties, which often have lower values, are becoming more attractive.”

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