Accord buy to let mortgages have recently witnessed reductions of up to 0.1% across the buy to let range for 2 year fixed rate products at 75% loan to value (LTV). These latest reductions mean landlords with a 25% deposit will now have access to a rate of 2.19% with a £2,495 product fee, which is available for both remortgages and house purchases.
Borrowers looking for lower fees can also benefit from the latest Accord buy to let mortgages, with a 3.09% fixed rate available with no product fee and £500 cashback upon completion. Landlords equally have the option to choose between free standard valuation and legals, or free standard valuation and £300 cashback on completion for remortgage borrowers.
By reducing upfront costs, Accord has been looking to help minimise the initial outlay associated with expanding a buy to let property portfolio, while equally reducing outgoings for landlords when looking to remortgage.
Elsewhere in the market, Tesco Bank has also made cuts to fixed rates and products fees across a range of its 2, 3 and 5 year fixed rate mortgages. Now releasing some of the most competitive products on the market, highlights of the lender’s new range includes a 60% LTV mortgage with a 5 year fixed rate of 2.19% with an £800 product fee.
Other products include a 3 year fixed rate of 2.34% at 85% LTV, a 5 year fix at 2.59% for 80% LTVs and a 5 year fixed rate of 2.79% at 85% LTV.
BM Solutions has also been applying changes to its product range, increasing rates on 2 year transfer products by 0.2%, while extending end dates to 30 April of the relevant year on product transfers and further advances.
Change is undoubtedly spreading across the property market, especially after the Autumn Statement was released last week, with interest rates and products chopping and changing in all directions. Lenders are already reacting accordingly and will be altering terms and products in response to the Autumn Statement – watch this space.