New mortgage product changes announced by Bank of Ireland and Accord
Accord Mortgages and Bank of Ireland have today announced some significant changes to their mortgage product ranges, impacting both Buy to Let and Residential offerings. The alterations are set to take effect on Tuesday the 9th of January 2024, with each lender bringing a mix of reductions, extensions, and new additions to their respective portfolios.
Accord Mortgages’ Buy to Let Product Adjustments and Changes
In a message sent to our brokers at Oportfolio mortgages this morning, Accord Mortgages acknowledged the current volatility of the mortgage market, and pledged to work towards offering help and support for both borrowers and brokers in 2024. On Tuesday the 9th of January, the Buy to Let New Business product range from Accord will undergo modifications, with the current range being withdrawn at 10 pm on Monday the 8th of January, and the new range becoming available at 8 am on Tuesday.
The key changes include reductions in selected 2-year, 3-year, and 5-year products:
– Selected 2-year products will be reduced by up to 0.50%
– Selected 3-year products will be reduced by up to 0.70%
– Selected 5-year products will be reduced by up to 0.95%
Additionally, the end dates for these products are extended to 30th of April, providing more flexibility for potential borrowers.
Bank of Ireland’s Residential Rate Enhancements
Bank of Ireland also brings forth positive news at the beginning of week 2 of 2024 for residential mortgage seekers with improvements to all Residential rates. Again, effective at 9 am on Tuesday the 9th of January. Simultaneously, certain products will be withdrawn to make space for the new offerings.
Rates being withdrawn include various options across different Loan-to-Value (LTV) ratios. However, to balance this, Bank of Ireland is introducing new rates across multiple LTV categories, providing borrowers with a broader selection of choices. The majority of which are below 5% interest rates.
For example, at 60% LTV, new rates include:
- 2 years fixed at 4.45%
- 2 years fixed at 4.54%
- 3 years fixed at 4.34%
- 3 years fixed 4.45%
- 5 years fixed at 4.19%
- 5 years fixed at 4.24%
Similar adjustments are made across other LTV ratios, offering competitive rates for varying mortgage needs.
Speak To a Mortgage Broker in 2024
Both Accord Mortgages and Bank of Ireland’s announcements reflect their commitment to adaptability and responsiveness to the evolving mortgage landscape. They also follow in the footsteps of several UK mortgage lenders who have also reduced rates in the first couple of weeks of 2024. As always, potential borrowers are encouraged to consult with their financial advisors to explore the most suitable options based on their individual circumstances. Call or email our team at Oportfolio Mortgages today to see how we can help.
