Accord Mortgages has announced significant rate reductions for its buy-to-let mortgage products. This is particularly great news for landlords looking to save on mortgage costs. The reductions vary by the term of the product:

• Three-year products: Rate cut by up to 0.30%
• Five-year products: Rate decrease of up to 0.20%
• Two-year products: A reduction of 0.15%

This follows a previous reduction in Accord’s residential range by up to 0.33% just two weeks earlier, showcasing Accord’s responsiveness to market trends.

Detailed Breakdown of New Rates

• Two-year fix: A standout offer in the new range is the two-year fixed rate at 4.79%, applicable up to 60% Loan-to-Value (LTV). This option comes with a fee of £3,495.
• Three-year remortgage: Another attractive option is the three-year remortgage product, which has seen a reduction from 5.44% to 5.14% at 65% LTV. This option is budget-friendly with a £995 fee and includes free standard valuation and remortgage legal service.
• Five-year fixed rate remortgage: For those looking at a longer-term, the five-year fixed rate remortgage product at 75% LTV has been reduced to 4.99%, with a £1,995 fee. This offer is sweetened with free standard valuation and an additional £250 cashback.

Additional Perks for Landlords

Accord has introduced a valuable perk for landlords: free standard valuations for all products carrying a £3,495 fee. This is particularly appealing to those purchasing more expensive properties, as it adds significant value to their investment.

Furthermore, Accord has extended the product end dates to 31st March, giving landlords more flexibility and options.

Expert Insight

Aidan Smith, Accord’s buy-to-let mortgage product manager, explained the rationale behind these changes. The rate reductions align with the recent drop in market swap rates. Accord’s aim is to assist brokers and their landlord clients in taking advantage of these market changes.

Smith expressed enthusiasm about offering free standard valuations on the higher-fee range. This move is expected to attract landlords investing in higher-value properties, ensuring they receive the best possible value regardless of their chosen product.