Accord Mortgages to increase rate on buy-to-let product transfers

Accord Mortgages has informed brokers of an increase in rates for its buy-to-let (BTL) product transfer range, effective from 31st August 2023.

The lender said it will aim to provide a minimum of 24 hours’ notice for any upcoming product changes, but added that the rapidly shifting market landscape makes this challenging.

The current range of BTL product transfer offerings will be withdrawn at 8pm on 30 August, making way for the new rates starting 9am on 31st August.

Under the changes, 2-year product rates will see an increase by up to 0.07%, 3-year product rates will increase by 0.04%, and 5-year product rates will rise by 0.12%.

Accord Mortgages also clarified that these changes are final and will not be subject to further adjustments.

Nick Mendes, mortgage technical manager at broker firm John Charcol, said: “The recent uptick in swaps rates has seen a growing number of lenders repricing across their 2-,3- and 5-year fixed rates following swap increase since the end of July.

“While this isn’t expected to be a growing trend, over the long term fixed rates will slowly decrease highlighting the importance of speaking with a broker.

“We have seen instances where clients hold on to the hope that fixed rates will follow a downward trajectory without any hiccups, and see fixed rates fall quickly. 

“While in an ideal world, this would be a perfect scenario, there remain a few hurdles to overcome before we get to that point.”