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Accord halves buy-to-let mortgage range as part of overhaul

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  • 27/10/2020
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Accord halves buy-to-let mortgage range as part of overhaul
Accord is to reduce the number of buy-to-let mortgages offered from 57 down to 27 with effect from Thursday 29 October.

 

The lender said the overhaul, which includes rate changes to existing products, will provide a more streamlined offering for brokers and landlords.

The withdrawals cover loan to values (LTVs) from 65 to 80 per cent across two and five-year fixed rates for purchase and remortgage.

At the same time, the lender is introducing new interest cover ratios (ICRs), as well as removing separate requirements for leasehold and freehold properties.

New ICRs range from 125 to 145 per cent and will take effect Friday 20 October, existing pipeline cases will not be impacted.

Among the new product range for remortgage customers is a five-year fixed rate at 2.06 per cent at 65 per cent LTV with £995 fee, free valuation and remortgage legal service.

For purchase customers, the lender is offering a two-year fixed rate at 3.98 per cent at 80 per cent LTV with £1,995 fee, £250 cash back and free valuation.

Nicola Alvarez, corporate account manager – propositions at Accord (pictured), said: “As part of our ongoing review of the range, we are reducing the number of products and updating rates and incentive packages to ensure we remain aligned to current market conditions.

“Whether clients are new or established landlords, are purchasing or remortgaging, there are now a focused range of options to meet their needs.

“We’ve also used the refresh as an opportunity to simplify our rental calculations, which we hope will make the application process as easy as possible for brokers and their client, while still ensuring landlords are able to cover all the costs associated with managing a rental property.”

 

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