Accord Mortgages is cutting rates by up to 0.28 per cent across a host of its buy-to-let product range.
The rates take effect from 8am on 4 January.
As a result, Accord’s two-year remortgage fixed rate available up to 60 per cent loan to value (LTV), and with a £995 fee, will now have a rate of 5.42 per cent, down from 5.7 per cent.
The two-year fixed rate up to 60 per cent LTV, for purchases and with no product fee, sees its rate fall from from 6.15 per cent to 5.95 per cent. Elsewhere, the five-year remortgage fixed rate will see its rate fall to 5.18 per cent from 5.31 per cent. It comes with a £1,995 product fee.
Simon Garner, buy-to-let mortgage manager at Accord, said that the lender was hopeful that the start of a new year would signal a “pick up in market activity”, with some buyers having waited for the “economic volatility” at the tail end of 2022 to subside.
He added: “We wanted to help this recovery process along, hence why we’re starting the year with our latest product enhancements of several announced recently. As a leading buy-to-let lender, we’ll continue to carefully monitor how things progress during 2023, so that we can help landlords as much as possible.”
New Paragon Bank rates
Meanwhile, Paragon Bank has launched four new five-year fixed rate buy-to-let mortgage deals.
The products replace existing five-year fixed rates with lower rates and fees, as well as introducing £350 cashback.
The new deals are available for portfolio landlords, up to 75 per cent LTV. For properties with an energy performance certificate rating (EPC) of A to C, the rates start at 5.2 per cent with a three per cent fee, rising to 5.4 per cent with a two per cent fee.
For properties with a rating of D or E, the rates sit at 5.25 per cent with a three per cent fee or 5.45 per cent with a two per cent fee.
The lender has also moved to increase its standard variable rate from 7.85 per cent to 8.35 per cent.
Moray Hulme, director for mortgage sales, explained: “Available at up to 75 per cent LTV, these are competitive options for portfolio landlords who are either purchasing in response to strong tenant demand or remortgaging and looking for some certainty.”