Accord Mortgages has announced cuts to its buy-to-let (BTL) mortgage rates by up to 0.30%.

What’s changed?

Accord has reduced rates across its range of fixed-rate mortgages. Here’s a summary:

• 5-year fixes: Reduced by up to 0.30%
• 3-year fixes: Reduced by up to 0.20%
• 2-year fixes: Reduced by up to 0.15%

These changes come into effect from 8am on Thursday 19th September.

Here are some of the highlights of the new range:

• 2-year fixed rate: 5.09% (down from 5.24%), available up to 80% LTV, with a £3,495 fee and free standard valuation.
• 3-year fixed rate: 4.44% (down from 4.64%) for remortgages, available up to 65% LTV, with a £995 fee, free standard valuation and remortgage legal service.
• 5-year fixed rate: 4.14% (down from 4.44%) for remortgages with a 40% deposit, with a £995 fee, free standard valuation and remortgage legal service.
• 5-year fixed rate: 4.04% (down from 4.34%) for purchases up to 60% LTV, with a £1,995 fee, £500 cashback and free standard valuation.

Why has Accord reduced rates?

Accord says it’s passing on the benefits of favourable market conditions to brokers and landlords. Aidan Smith, buy-to-let mortgage manager at Accord, said:

“We’re so pleased to be able to reduce our rates again, passing on the benefit of more favourable market conditions to brokers and their landlord clients.

These changes are designed to help a variety of landlord borrowers, from those looking for a shorter fix to those preferring something more long-term, which we hope will be welcome given the challenges faced by this group in recent times.”

What does this mean for landlords?

This is good news if you are a landlord looking to remortgage or purchase a new property. The lower rates mean that you could save money on your monthly mortgage payments.

It’s worth comparing the deals available from different lenders to find the best one for your circumstances.