Accord has launched two new fixed-rate mortgages for ‘first-time buyer’ landlords, on the back of a notable rise in the number of enquiries from aspiring landlords.
Accord, which is part of Yorkshire Building Society, reports that it has seen the number of applications from wannabe buy-to-let investors double over the past year.
The two new buy-to-let mortgage products, aimed at borrowers who are acquiring a new residential property and letting out their existing home – let to buy – are available at up to 75% loan-to-value (LTV), subject to a £1,000 cashback.
There is a two-year fixed rate priced at 2.8% and a five-year fixed rate deal at 3.19%. Both products come with free standard valuations and a £195 product fee.
Chris Maggs, commercial manager at Accord Buy To Let, said: “The buy-to-let market has undergone some significant regulatory and tax changes in the past three years, which have undoubtedly resulted in a more challenging environment for landlords.
“However it is clear there is still appetite for first time investment in the sector.”
He added: “We’re aware that the first venture into buy-to-let for many landlords is to buy a new home and rent out their former residential property.”