Accord and Landbay have announced updates to their buy-to-let mortgage products to help landlords.
The lenders say the new offerings will help landlords access better options and more competitive rates and borrowing choices.
The news comes after the Bank of England cut interest rates last week to 4%, the lowest level in two years.
Better value options for landlord borrowers
Accord has refreshed its mortgage range for intermediary-only borrowers, with rate reductions across two- and five-year fixed products at 60%, 65%, and 75% loan-to-value (LTV), decreasing by 0.06%.
Highlights of the new range include:
- A five-year fixed-rate mortgage up to 60% LTV, available for house purchase, at 4.06% (was 4.12%), with a £1,995 fee, and free standard valuation
- A two-year fix up to 75% LTV, available for those remortgaging, at 4.36% (was 4.42%), which comes with a £995 fee, free standard valuation and remortgage legal service
- A five-year fix up to 60% LTV, available for those remortgaging at 4.16% (was 4.22%), with a £995 fee, free standard valuation and remortgage legal service.
Cheryl Bleasdale, mortgage product manager at Accord, said: “We’re pleased to be able to take the opportunity presented by a drop in swap rates, which allows us to refresh the range and improve the competitiveness of our products, providing better value options for landlord borrowers who might be looking for either a longer or a shorter-term fix.”
Accessible to more landlords across the country
BTL lender Landbay has boosted its Limited Edition AVM range, which uses automated valuations instead of full surveys, increasing maximum LTVs to 70% and 75% and raising the maximum loan to £562,500. Rates start at 4.59%, with loans available from £75,000.
The Limited Edition AVM range consists of four standard five-year fixed rate products, with rates starting at 4.59%. Across all four products, the maximum LTV available has increased from 65%, with 70% and 75% LTV now available.
The maximum loan amount has also been increased by 15%, with loans now available up to £562,500, an increase from £487,500. The AVM range starts with loan sizes from as low as £75,000.
The AVM range forms part of a larger Limited Edition range, which is suitable for both purchases and for landlords looking to remortgage.
Rob Stanton, sales and distribution director at Landbay, said: “Thanks to the time and cost savings they offer, our AVM-supported products remain one of our most popular options.
“Increasing both our maximum LTV and loan amount makes these products in our Limited Edition range even more desirable and accessible to more landlords across the country.”
Contact one of our highly experienced mortgage advisors today on 0121 500 6316 to discuss your mortgage needs.
