Accord Mortgages has unveiled substantial rate reductions across its buy-to-let mortgage offerings, signalling a promising change for property investors and landlords. Effective from the 4th of September 2023, these rate cuts are expected to provide a boost to the property investment sector. Accord Mortgages, the broker-only arm of Yorkshire Building Society, has made significant adjustments to its mortgage rates. The reductions are set to benefit borrowers across various terms and loan-to-value ratios, making the buy-to-let market more attractive and accessible.
Buy-to-let Rate Reductions From Accord Mortgages
Among the key highlights of these changes are:
- Two-Year Fixed Rates:
– At 60% Loan-to-Value (LTV), house purchase rates will be as low as 5.64%.
– At 75% LTV, two-year fixed rates will be offered at an appealing 5.84%.
- Five-Year Fixed Rates:
– For those seeking stability, five-year fixed rates at 60% LTV will be available at 5.24%.
- Additional Offer:
– Two-year fixed rates for house purchases at 75% LTV will be set at 5.44%.
Furthermore, these mortgage products will come with additional benefits such as a reasonable fee of £1,995, a free standard valuation, and £500 cashback. These perks will undoubtedly sweeten the deal for prospective buyers and investors alike.
Accord And The Overall UK Mortgage Market
Accord Mortgages’ move to slash rates comes at a time when the UK mortgage market has been undergoing notable changes. The broader mortgage landscape has been marked by fluctuating interest rates, regulatory shifts, and adjustments to lending criteria in recent years. As a result, mortgage providers across the country have been revising their offerings to stay competitive and accommodate the evolving needs of borrowers.
Commenting on this development, Louis Mason from Oportfolio Mortgages, said, “Accord Mortgages’ decision to lower rates on their buy-to-let mortgages is a positive sign for the UK property market. These rate reductions may stimulate interest in property investment, which has faced some challenges in recent times. Borrowers seeking favourable terms will appreciate the flexibility offered by Accord Mortgages.”
Speak To A Mortgage Expert
The rate cuts introduced by Accord Mortgages align with the broader trend of increased competition in the mortgage market. As lenders vie for customers, borrowers have more options to choose from, and rates become more attractive. This competition is also reflected in the industry’s emphasis on providing additional benefits, such as fee waivers, cashback incentives, and free valuations, as seen in Accord Mortgages’ latest offerings.
In conclusion, Accord Mortgages’ decision to reduce rates across its buy-to-let range is a welcome development for property investors and landlords. This move highlights the lender’s commitment to offering competitive products in a dynamic mortgage market. As the UK mortgage market continues to evolve, borrowers should keep a close eye on these changes to secure the best deals for their property investments.
At Oportfolio, we are experts in buy-to-let lending and it is our job to be up to date with the latest policy changes and product offerings from UK buy-to-let lenders. If you are looking to get a new buy-to-let mortgage, then look no further. Call or email our team today to arrange a time to discuss your needs. We are here to help.