Accord Buy to Let will cut rates on its buy-to-let products by up to 30 basis points today.
The rates being trimmed by this margin are:
75 per cent LTV
- Three-year fixed cut from 3.29 per cent to 2.99 per cent, with an £800 fee and £500 cashback on completion (house purchase only)
- Five-year fixed reduced from 3.74 per cent to 3.44 per cent with no product fee and £500 cashback (house purchase only)
- Five-year fixed reduced from 3.74 per cent to 3.44 per cent with no product fee, free standard legal work and free valuation (remortgage only)
60 per cent LTV
- Five-year fixed reduced from 3.04 per cent to 2.74 per cent with a £1,845 product fee (remortgage or house purchase)
- Five-year fixed cut from 3.19 per cent to 2.89 per cent with a £800 product fee (house purchase only)
Accord is also cutting all £2,495 product fees to £1,845.
Accord will increase its two-year tracker rates at 65 per cent LTV by 10 basis points and extend product end dates to 31 July.
The lender is also making tweaks to its rental calculations for new applications.
The lender previously used either the higher of either the product rate or 5.24 per cent.
But from today, for two- and three-year products Accord will use the product rate or 5.5 per cent, whichever is higher.
For five-year products, the lender will use the higher of either the product rate or 5 per cent.
Accord Buy to Let commercial manager Chris Maggs says: “The increase in our buy-to-let rental calculation ensures we maintain robust affordability criteria, taking into consideration changes to the market and the potential for mortgage interest rate increases in the future.
“The change will ensure we continue to remain competitive in the BTL market.”