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Accord launches new mortgages for first-time landlords

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  • 26/06/2018
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Accord launches new mortgages for first-time landlords
Accord Buy To Let has expanded its offering for first-time landlords with the launch of two new mortgages.

 

The mortgages are designed to help borrowers wanting to become first-time landlords by letting out their existing property and purchasing a new residential home.

The fixed rate products, which both have £1,000 cashback, enable new landlords to remortgage their existing property as a buy to let.

Available to borrowers with at least 25% equity in their property, there is a 2.89% rate fixed for two years and a five year fixed rate at 3.19%.

Both come with free standard valuation and a £195 product fee.

The intermediary arm of Yorkshire Building Society began lending to first-time landlords last year.

Since then, Accord Buy To Let said it has has seen applications double from aspiring landlords.

The lender will now also offer mortgages to homeowners who want to become landlords by buying a new home and letting out their existing property.

Chris Maggs, Accord Buy To Let’s commercial manager (pictured), said: “The buy to let market has undergone some significant regulatory and tax changes in the past three years, which have undoubtedly resulted in a more challenging environment for landlords. However, it’s clear that there is still appetite for first time investment in the sector.

“Since we entered this market in July 2017, we’ve seen good levels of applications from first time landlords, with the quality at a similar level to more experienced landlords.

“We’re aware that the first venture into buy to let for many landlords is to buy a new home and rent out their former residential property. That’s why we’re now offering mortgages on a let to buy basis for first time landlords and have launched two new bespoke products for aspiring landlords.

“We hope these mortgages will prove popular with brokers and their clients who are looking to make their first move into the buy to let sector.”

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