Accord Mortgages has reduced rates across both its residential and buy-to-let (BTL) mortgage product ranges this week.
Changes come into effect from today (Tuesday 4th February), and include reductions of up to 0.10% across a selection of residential products from 75% loan-to-value (LTV), including products for borrowers with just a 5% deposit.
The intermediary-only lender’s buy-to-let range for landlord clients sees 2- and 3-year fixed rates up to 80% LTV reduced by 0.25%; with 5-year fixes reduced by 0.20%.
In addition, tracker rates have been reduced by 0.05%.
End dates have also been extended to 31st May.
Highlights for residential borrowers include a 5-year fix at 4.54% (was 4.64%) up to 75% LTV, suitable for house purchase which comes with a £1,995 fee, £250 cashback and free standard valuation, a 2-year fix at 4.98% (was 5.05%) up to 85% LTV, suitable for house purchase, with a £495 fee, £500 cashback and free standard valuation, as well as a 5-year fix at 5.07% (was 5.17%) up to 90% LTV, for those remortgaging.
This comes with a £495 fee, remortgage legal service and free standard valuation.
For landlord borrowers, new deals include a 2-year fixed rate at 4.39% (was 4.64%) for those remortgaging at 60% LTV, which comes with a £3,495 fee, remortgage legal service and free standard valuation, a 3-year fix at 4.74% (was 4.99%) for house purchasers at 65% LTV, which comes with a £995 fee, £250 cashback and free standard valuation, and a 5-year fix at 5.29% (was 5.49%) for those remortgaging up to 80% LTV, which comes with a £995 fee, remortgage legal service and free standard valuation.
From tomorrow (Wednesday 5th February), the lender is also making changes to the interest coverage ratio rate (ICRR) which is used to assess any background properties a borrower might have, which is being reduced from 5.5% to 5.0%.
Gemma Hyland, mortgage product manager for Accord, said: “We’re thrilled to introduce these changes, which refresh both our residential and buy-to-let ranges, passing on the benefit of these more favourable market conditions to all our borrowers and ensuring we provide the best value wherever we can.
“The ICRR changes on background properties are a positive step designed to support borrower affordability and help them to achieve their home or property ownership dreams.”
