The intermediary-only lender said it is making ‘further’ changes after closely watching the direction of market interest rates. It said the downward direction has brought a fresh opportunity to pass on even better value to brokers and their clients.
From tomorrow, the lender will offer a two-year fixed rate at 5.24 per cent, down from 5.42 per cent, up to 60 per cent loan to value (LTV), available for remortgage purposes, which comes with a £995 fee, £250 cashback and free valuation.
Its five-year fixed rate has dropped to 4.98 per cent, down from 5.07 per cent, at up to 60 per cent LTV, for remortgage purposes, with Accord’s remortgage legal service and a free standard valuation.
The fee-free two-year fix has dropped to 5.85 per cent, from six per cent up to 65 per cent LTV, for remortgage purposes, with a £250 cashback and free standard valuation. Also its two-year fix at 5.57 per cent, has dropped from 5.64 per cent, up to 75 per cent LTV, for house purchase, with a £995 fee, £500 cashback and free standard valuation.
Finally, the mutual is offering a five-year fixed rate at 5.66 per cent, down from 5.71 per cent, up to 65 per cent LTV, for house purchase and remortgage. This rate has no early repayment charges and has a £1995 fee, £250 cashback and free standard valuation.
Simon Garner, buy-to-let mortgage manager at Accord (pictured) said: “We’re pleased to announce our second buy-to-let rate cut since the beginning of the year.
“We’re committed to doing all we can to support the landlord sector. As part of this, we continue to closely monitor the buy to let market so that we can offer additional value to brokers’ landlord clients.”
Furness BS
Meanwhile, Furness BS has cut rates across its residential buy to let, and holiday let product range.
The range includes a two-year fixed rate starting at 4.89 per cent for cases up to 80 per cent LTV, 5.10 per cent for cases up to 85 per cent LTV and 5.23 per cent for cases up to 90 per cent LTV. For a longer term, five-year options are also available, with rates starting from 4.69 per cent for cases up to 80 per cent LTV. These products carry a £999 but fee free options are available at 90 per cent LTV.
For landlords, the Furness is offering a range of unregulated and regulated loans of up to 80 per cent LTV and holiday lets up to 75 per cent LTV. Its lowest rate buy-to-let product is a two year discount with a pay rate of 4.64 per cent for cases up to 75 per cent LTV and a five-year fixed rate with a pay rate of 5.29 per cent for cases up to 75 per cent LTV.
On all Furness buy-to-let mortgages, applications are assessed based on an applicant’s overall financial situation, but anticipated rent should be at least 125 per cent of the interest charges at the initial pay rate. The mutual said earned income together with mortgage and other credit commitments will be reviewed personally by an underwriter. This enables Furness to consider a wider range of cases that present good quality, low risk lending.
All residential, buy-to-let and holiday let products come with £250 cashback, across England, Scotland and Wales.
Alasdair McDonald, head of intermediaries for Furness said: “These new price reductions, coupled with our ability to look at cases individually, mean that we are always looking for a way to say yes.”
