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TODAY'S OTHER NEWS

Accord cuts buy-to-let rates

Accord, the intermediary lending subsidiary of Yorkshire Building Society, has cut rates across some of its buy-to-let products.

From today, buy-to-let landlords can take advantage of rate reductions of up to 0.2% from Accord, plus they will no longer be charged an application processing fee at the point of applying for a mortgage.

The intermediary-only lender has reduced rates on selected 60% and 65% loan-to-value (LTV) mortgages across its two, three and five-year range.

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Highlights include a two-year fix rate at 1.59% at 60% LTV, subject to a £1,995 product fee, available to both remortgaging landlords and those looking to expand their buy-to-let portfolio.

In a double boost, Accord has removed the processing fee on all buy-to-let mortgage applications, which means any application submitted from today will no longer incur the £130 processing fee.

Chris Maggs, Yorkshire Building Society’s buy-to-let commercial manager, said: “Whilst all our products remain very competitive, the reductions to some of our lower LTV fixed-rate mortgages give landlords with 40% or 35% deposits a choice of some highly competitive deals. We hope these will appeal to both brokers and landlords looking to get the most from a mortgage.

“To reflect the changes we have made to our residential products, we have removed the mortgage application processing fee on all BTL mortgages. We hope this will help landlords to limit the upfront costs of getting a mortgage, plus give them the confidence that they won’t have to pay any product fees until the mortgage has completed.”

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