Accord Mortgages will launch a new range of buy-to-let loans tomorrow (7 October).
The broker-only lender says the discounted standard variable rate deals will feature two-year rates starting from 1.19% for clients with a 40% deposit.
It adds, landlords with a 35% are able to apply for a 1.22% rate, while for those with a smaller deposit, variable rates of 1.34% up to 75% loan to value, or 2.99% up to 80% LTV are available.
All products come with a £995 product fee and free standard valuation, and are available to landlords who want to buy a house or remortgage.
The lender, which is part of the Yorkshire Building Society, will also cut rates across its BTL range, by as much as 24 basis points at 75% LTV.
Rate cut highlights include:
A five-year fixed-rate offer at 3.17%, from 3.29%, at up to 80% LTV, available for home buying or remortgaging, which comes with a £995 completion fee, £250 cashback and free standard valuation.
A two-year fixed-rate loan at 1.82%, from 2.06%, at up to 75% LTV, available for remortgaging, which comes with a £495 completion fee, £250 cashback, free remortgage legal services and free standard valuation.
And a two-year fixed-rate mortgage at 1.29%, from 1.31%, at up to 60% LTV, available for remortgage clients, which comes with a £1,495 completion fee, free remortgage legal services and free standard valuation.
Accord BTL mortgage manager Simon Garner says: “We’re delighted to provide these new discounted variable rate products, which offer outstanding value to landlord clients looking to benefit from lower rates and who don’t require the predictability of a fixed monthly payment.
“The rate reduction also offers great value across the range, and should appeal to a wide variety of brokers and their clients looking for the best option to suit their individual requirements.”
In August, the unit changed the tax thresholds it uses when applying interest coverage ratio to BTL applications.
The business had used a threshold of £45,000 to determine whether an applicant is a higher or lower rate taxpayer, but instead said it would align to HMRC’s UK tax bandings.
It said simplifying its policy in line with recognised higher or lower tax bandings would make it easier for brokers to place business.
Original Article from Mortgage Strategy 06/10/21