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Accord cuts BTL rates and Santander ups PT trackers

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  • 20/04/2020
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Accord cuts BTL rates and Santander ups PT trackers
Accord is cutting rates and introducing new products on its buy-to-let range while Santander is increasing its product transfer tracker rates.

 

Accord

Accord is cutting rates on its existing buy-to-let deals and adding 13 new products from 6pm 20 April.

The lender has restricted BTL business to remortgages and only with a maximum loan to value (LTV) of 65 per cent as a result of the coronavirus crisis.

The 13 new products will be launched in the 60 per cent and 65 per cent LTV tiers with two- or three-year fixed-term options

Rates on eight of the existing range of deals will be cut by between 0.02 per cent and 0.07 per cent.

It is also increasing rates on two five-year fixes at 60 per cent LTV with £1,495 fee by 0.02 per cent.

The new products include a two-year fixed rate up to 65 per cent LTV at 1.87 per cent which comes with a £950 product fee, free valuation and either £250 cashback or free standard legal services.

Meanwhile, the five-year fix at 60 per cent LTV has been cut to 2.02 per cent from 2.09 per cent and comes with no product fee, free valuation and either £250 cashback or free standard legal services.

Accord buy to let product manager Simon Garner said: “These are difficult times for all and so we’ve reviewed our product range and looked at where we can offer better options to landlords wanting fixed-rate shorter terms whilst they wait to see how the market adjusts.”

 

Santander

Santander has increased rates on its product transfer tracker products.

The lender made a similar move last week to its new business trackers, alongside cutting product fees and reintroducing BTL remortgage deals.

In a statement on its website, the lender said all two-year product transfer tracker products will increase by 0.15 per cent with one rate rising by 0.35 per cent.

Its residential lifetime tracker will also increase by 0.15 per cent.

It added that product transfer rates are personalised to each customer, so these will not be found on sourcing systems.

 

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