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Accord and Al Rayan cut rates, LendInvest makes criteria changes ‒ round-up

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  • 15/01/2020
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Accord and Al Rayan cut rates, LendInvest makes criteria changes ‒ round-up
A trio of lenders have announced changes to their product ranges and lending criteria.

 

Accord Mortgages has cut rates on selected products across its range of 90 per cent and 95 per cent LTV deals by up to 0.3 per cent.

For example, its five-year fixed rate at 95 per cent LTV has had its rate trimmed from 3.59 per cent to 3.29 per cent.

In addition, the lender has increased the cashback on some of these low deposit deals for remortgage customers to £1,000.

Jemma Anderson (pictured), product manager at Accord, said: “We know brokers are looking for additional benefits, so we have improved cashback on selected products.”

 

BTL limits lifted

Meanwhile, LendInvest has made a handful of changes to its buy-to-let criteria, including hiking the maximum loan size for both HMOs and multi-unit freehold blocks (MUFBs) to £3m.

Alongside this it has adjusted its definition of an MUFB to now include those consisting of up to ten units, rather than the previous limit of six.

LendInvest has also launched a range of deals for large loans of up to £2m, with a maximum loan-to-value (LTV) of 70 per cent, as well as introducing £500 cashback towards legal fees when borrowers take out a five-year fixed deal up to 75 per cent LTV.

Ian Boden, sales director at LendInvest, said the lender was keen to broaden its criteria, adding: “Ever eager to increase the flexibility of our product, we are confident these changes will put us in good stead for a busy 2020; and look forward to further increasing our loan volumes in the coming months.”

 

Al Rayan extends range

Shariah-compliant lender Al Rayan Bank has increased the size of its range of home purchase plans to include its first ever five-year fixed rental rate plans.

The new range is open to borrowers with a deposit of at least five per cent, and can be taken on a standard basis or through the ‘fees-assisted’ option which sees the bank contribute towards some of the upfront costs that come with purchasing a home.

Alongside the new deals, Al Rayan has reduced the rental rates on its deals by up to 40 basis points, with deals now starting at 2.94 per cent.

Maisam Fazal, chief commercial officer at Al Rayan Bank, said the changes had been made following feedback from borrowers.

He added: “We are also delighted to be able to make substantial reductions to our HPP rental rates as this helps ensure that ethical, Sharia compliant home finance is available to an even wider group of UK consumers.”

 

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