Accord Mortgages has reduced its reduction rate by 0.08% of its Purchase (BTL) product range, effective tomorrow (June 19).
As part of a cut of three-year fixed-rate mortgages, mortgages for cashing out purposes have been reduced to 4.32% from 4.40% to 4.32%. This comes with a £995 fee, free standard valuation and cashing out legal services.
The two-year fixed interest rate to 80% of LTV is also used to re-loans down from 4.95% to 4.87%. This comes with a £995 fee, free standard valuation and cashing out legal services.
The three-year fixed interest rate for home purchases has been reduced from 4.50% to 4.42%. This comes with a £995 fee and a free standard valuation.
“We are excited to take the opportunity to provide better value for our landlord clients,” said Cheryl Bleasdale, Accord product manager.
“We understand the real cost pressures that landlords are currently facing and will continue to do everything we can to help mitigate possible situations.”
Elsewhere, Foundation Home Loans has added five limited edition BTL products designed for larger loan scales.
New limited edition products include F1 – for landlord borrowers with almost clean credit history – a five-year fix of 5.19%. That’s a fixed fee of £4,995, LTV 75% and a minimum loan of £200,000.
It also adds F1 fixed with a fixed amount of 4.99%, fixed fees of £7,995, LTV 75% and minimum loan of £300,000.
New F2 – Landlord Borrower Financing A More Professional Property Type – Large HMOs are fixed at 6.34% for two years and F2 Large HMOs are fixed at 6.14% for five years.
Both have a fixed fee of £4,995, LTV 75% and a minimum loan of £200,000.
Ultimately, the lender added the F2 Multi-Position Transfer Block (MUFB) at 5.64% for 5 years, with a fixed fee of £4,995, LTV at 75% and a minimum loan of £200,000.
The foundation also lowered its existing F1 foreign two-year fixed interest rate by 5 basis points, now at a price of 6.09% and 1.50% LTV of 1.50%.
Tom Jacob, Director of Product and Marketing at Foundation Home Loans commented: “These new limited editions are designed to bring real value to landlords looking for bigger loans, while providing brokers with the option to address the complexity of modern buying to allow loans.”
Yesterday, Clydesdale Bank announced tax reductions in multiple ranges, including its BTL products.
