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Accord raises LTI and boosts landlord offer

by: Heather Greig-Smith
  • 08/06/2017
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Accord raises LTI and boosts landlord offer
Accord Mortgages is to increase its loan to income (LTI) cap to five times income.

The lender has also added cashback to its entire buy-to-let mortgage range.

From Monday, Accord is increasing its LTI cap from four to five times household income for loans above £500,000. For loans below £500,000, it will lend 5 times income for households with income over £70,000 and 4.49 times for those with income below that level.

The new LTI caps are available for all loan to values and for first-time buyers. The lender, part of Yorkshire Building Society, told brokers that it was also amending the stress rate and feeding improved Office for National Statistics data into living costs in a bid to raise lending.


Landlord cashback

Meanwhile, Accord Buy to Let has added cashback to its entire mortgage range to help landlords manage the upfront cost of remortgaging or buying a new property.

Landlords will receive a minimum of £250 cashback when their mortgage completes and a maximum of £750 cashback if they choose selected products.

In addition, Accord has reduced rates on 28 lower loan-to-value (LTV) buy-to-let mortgages by up to 0.55%.

This includes a 1.79% two-year fix at 65% LTV for remortgaging landlords, which comes with a £1,995 product fee, free standard valuation, free legal fees and £250 cashback on completion.

For those looking to expand their portfolio there is a two-year fix at 1.99% at 75% LTV, available with a £1,995 product fee plus free standard valuation and £550 cashback on completion.

Chris Maggs, Accord’s buy-to-let commercial manager, said: “Adding cashback to our entire range, whether a purchase or remortgage, will provide landlords with some extra funds which is always beneficial when taking out a new mortgage.

“As well as cashback, many of our mortgages include free standard valuation and free legal fees which are popular with landlords so we hope that we have an appealing choice of additional features to suit different needs.”

The move follows a series of enhancements made by Accord to its buy-to-let proposition last month.

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