Mortgage News
Accord to resume BTL lending at 80 per cent LTV
Accord Mortgages will resume lending at 80 per cent loan to value (LTV) for buy-to-let landlords in an effort to support those with smaller deposits.
The range includes a two-year tracker at base rate plus 1.25 per cent for purchase and remortgage, which offers a £250 cashback incentive.
There is also a two-year fix with a rate of 5.39 per cent, and a five-year fix at 5.29 per cent. Both are for house purchase only and offer £500 cashback.
All products have a £995 product fee and offer a free standard valuation.
This move comes after the lender reduced rates across buy-to-let mortgages and improved affordability calculations.
This is the first time in seven months that Accord will lend to buy-to-let borrowers at this tier, after it withdrew from the market in September following market uncertainty caused by the mini Budget.
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It recommenced lending the following month.
Jeremy Duncombe (pictured), managing director at Accord, said: “We understand that brokers are continuing to try to meet their clients’ needs in a historically challenging and fast-changing market environment where common-sense solutions are increasingly hard to find.
“At Accord, we pride ourselves on continually looking for opportunities to support underserved borrowers, and this is the latest example.”