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TODAY'S OTHER NEWS

Higher demand for five-year fixes as landlords seek a ‘great rate for longer’

A growing number of buy-to-let landlords are looking to lock into mortgage deals offering a longer period of certainty, such as five years or even longer, according to Accord Mortgages.

To complement what the company’s commercial manager, Chris Maggs, has described as a “shift in appetite” from buy-to-let landlords, the lender has reduced borrowing rates by up to 0.35% on three quarters of its mortgage range, cut its £1,995 product fee to £1,495 on certain options, while selected mortgages which previously had a £450 fee are now fee-free.

Of particular note is Accord’s 1.89% five-year fixed rate mortgage at 65% loan to value (LTV), subject to a £1,495 fee and free standard valuation, which is available to those seeking to expand or remortgage their rental property.

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Another five-year fixed rate deal is available at 2.84% for landlords at 65% LTV which has a £950 product fee. 

There is also a 2.24% three-year fixed rate product, which has a £995 fee and free standard valuation, along with a fee-free 2.79% three-year fix at 65% LTV, which also comes with free standard valuation.

Maggs commented: “It’s Christmas, the season of goodwill so we hope the changes we’ve made to our products will be well received by landlords at the end of what has been a turbulent year.

“We’ve tweaked our range based on feedback from both brokers and landlords. In particular, we’ve seen a shift in appetite for five-year fixes as landlords look to secure a great rate for longer, which is why we’ve launched a new competitive longer term deal.

“As 2018 approaches landlords will be reviewing their existing portfolio and we hope by taking advantage of some of the great deals we have on offer they will start of the year on the front foot.”

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