The intermediary only lender has been tapping into the current buy to let boom, reducing buy to let rates across its 75% loan to value (LTV) range by up to 0.35%. The lender’s latest two year fixed rate mortgages are also available to landlords with a deposit of 25%, at either 3.19% with no product fee or 2.84% with an £800 fee.
This comes as great news for landlords looking to expand upon their current buy to let portfolios, with those doing so set to receive £500 cashback on completion. Landlords who are looking to remortgage will also have the choice of free standard legal work and standard valuation, or £300 cashback on completion with free standard valuation.
The lender has equally launched a new two year tracker mortgage at 1.89% for customers on a 60% LTV, which includes £500 cashback on completion for house purchases.
These new two year tracker options mean that both fixed rate and tracker buy to let mortgages now come in below 2%.
Despite the news that all 5 year 60% and 65% LTV products will be withdrawn and not replaced, Accord has released further changes to its buy to let product range, including the introduction of 1.89% 2 year trackers at 60% LTV with a £2,495 fee and incentives.
A 0.3% reduction will be made to the 2 year zero fee products at 75% LTV, and a 0.35% reduction to all 2 and 3 year £800 fee products at 75% LTV.
5 year zero fee and £800 fee products at 75% LTV as well as £800 fee trackers at 75% LTV have been reduced by 0.2%.
2 and 5 year £2,495 fee products at 75% LTV will also be reduced by 0.1% and 3 year fixed products by 0.15% to 0.25%.
Despite Accord’s rate reduction spree, the lender will be increasing its 2 year £2,495 fee products (with incentives) at 60% LTV by 0.1% and its 2 year zero fee 65% LTV products by 0.15%.
Reports have shown that Scottish Widows Bank has also been rapidly lowering rates. The lender has lowered interest rates on its two year fixed mortgages by up to 0.2% on 0-60% LTV range and 75.01-120% LTV range with a zero fee, with the same being applied to its 75.01-120% LTV range with a £599 fee. The lender’s three year fixed rates have also seen interest rates lower by 0.2% on all LTV band products with a zero fee, with a small increase of 0.05% on its 60.01-75% LTV range with no product fee.