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Accord extends BTL offering; West Brom BS increases LTVs to 85 per cent

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  • 22/05/2020
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Accord extends BTL offering; West Brom BS increases LTVs to 85 per cent
Accord is extending its buy-to-let mortgage range while West Brom Building Society is increasing loan to values (LTVs) on residential products.

 

Accord is reintroducing purchases and increasing maximum LTVs to 75 per cent on its buy-to-let range.

As physical valuations recommence the lender said it was re-entering some of the markets it was forced to withdraw from as a result of the Covid-19 outbreak.

Where possible, physical valuations will be carried out on all house purchase and remortgage applications and for the moment lending will be restricted to where at least one applicant owns an existing buy-to-let property.

New purchase, products include a two-year fix at 1.71 per cent up to 60 per cent LTV with £950 product fee and a five-year fix at 1.81 per cent up to 60 per cent LTV with £1,495 product fee.

Both deals come with free standard valuation and £500 cashback.

Remortgage products at 75 per cent LTV include a two-year fix at 1.84 per cent and a five-year fix at 2.16 per cent.

Both have a £1,495 product fee, free standard valuation and either £250 cashback or free standard legal services.

Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “Further to the residential changes announced earlier this week, we are pleased to offer landlords a broader range of options by re-launching house purchase products and increasing our maximum LTV for remortgages.

“This marks another positive milestone in getting our product offering back to where it was before the lockdown started.

“We have a strong appetite to lend, and we hope to continue updating our criteria and product ranges as the market allows.”

 

West Brom BS

Meanwhile, West Brom Building Society is extending its offering with the introduction of up to 85 per cent LTV on residential purchases and remortgages, as well as cutting rates across the range.

Physical valuations have also been restarted for pipeline and new business applications where it is safe to do so, the mutual said.

For remortgages below 75 per cent LTV, an automated valuation model (AVM) will be continued to be used where the property fits the qualifying criteria.

It added that there will be further launches over the coming weeks with the aim to provide more competitive options in the market.

A total of 30 new deals have been added across the 75 per cent, 80 per cent and 85 per cent LTV ranges.

At 85 per cent LTV these include a two-year fixed rate purchase at 2.04 per cent and a five-year fix purchase at 2.14 per cent, both with £300 cashback.

Remortgage products include a two-year fix at 1.99 per cent up to 80 per cent LTV and a five-year fix up to 60 per cent LTV at 1.64 per cent, both with £500 cashback.

West Brom head of intermediaries Richard Scott said: “Now that the government has begun easing lockdown restrictions on valuations, we’re able to provide more competitive options and choice to help our intermediary partners find the best deals for their clients.

“We have increased our operational capacity and have the right support in place to deliver the highest level of service and to progress increased new business volume, as well as deliver our current pipeline.

“Following the launch of the 30 new products, we have plans to further extend our portfolio next week, strengthening our offering in the market.”

 

 

 

 

 

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