Accord Mortgages has announced significant updates to its buy-to-let mortgage products. Effective from 10th November, these changes are designed to provide more competitive options for landlords:
- Reductions in Interest Rates: Accord Mortgages has made notable cuts in their interest rates. These reductions include:
- Up to 0.30% on two-year fixed-rate mortgages.
- A decrease of up to 0.25% on five-year fixed-rate mortgages.
- Three-year fixed-rate products seeing a reduction of up to 0.15%.
Introducing New Mortgage Products
Alongside rate cuts, Accord Mortgages is introducing new products to cater to various landlord needs:
- Two-Year Fixed Rate at 5.24%:
- Previously 5.54%.
- Applicable for 60% Loan-To-Value (LTV).
- Ideal for house purchases.
- Includes a £1,995 fee, free standard valuation, and £500 cashback.
- Five-Year Fixed Rate at 5.29%:
- Reduced from 5.54%.
- Suitable for 75% LTV remortgaging.
- Features a £995 fee, free standard valuation, and free remortgage legal service.
- Five-Year Fixed Rate at 4.99%:
- Down from 5.24%.
- Designed for 60% LTV remortgage clients.
- Comes with a £995 fee, free standard valuation, and free remortgage legal service.
Aidan Smith’s Insight
Aidan Smith, the Buy-To-Let Mortgage Manager at Accord Mortgages, expressed enthusiasm over these updates. He highlighted the commitment to providing competitive and supportive products for landlords, especially in a fluctuating market. Accord’s focus is on maintaining a portfolio that resonates with the current market conditions and the needs of their clients.
Understanding the Impact for Landlords
Why These Changes Matter
For landlords, these adjustments by Accord Mortgages mean more flexible and financially viable options. Reduced rates can lead to significant savings over the term of a mortgage, and the diverse range of products ensures that there are suitable choices for various investment strategies, whether it’s purchasing new properties or refinancing existing ones.
Evaluating Your Options
- For New Purchases: The two-year fixed-rate option is particularly attractive if you’re looking to expand your portfolio.
- For Refinancing: The five-year fixed-rate offers are ideal for landlords seeking stability in their repayments over a longer period.
Seeking Professional Advice
Given the complexities of mortgage products and the ever-changing market conditions, it’s advisable for landlords to consult with mortgage advisors or brokers. They can provide personalised advice based on your unique circumstances and investment goals.