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Accord opens criteria to first-time landlords

  • 14/07/2017
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Accord opens criteria to first-time landlords
Accord has begun offering mortgages to first-time landlords.

The lender will apply its standard buy-to-let criteria to new landlords, which includes a minimum deposit of 25% of the purchase price. Applicants must also own their own residential home and pass credit checks.

Accord has launched two low-fee purchase mortgages to provide competitive options for landlords starting out.

On offer is a two-year fix at 2.69%, or a five-year fix at 3.29% at 75% loan-to-value. Both options come with a £195 fee, plus £1,000 cashback and free standard valuation. These mortgages are also available to existing landlords looking to expand their portfolio.

Chris Maggs, Accord Buy To Let’s commercial manager, said: “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. This may not always be the case for some people seeking a let-to-buy mortgage. Therefore our lending criteria will not permit let-to-buy applications for first time landlords at this time.”

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