ModaMortgages and Accord cut buy to let mortgage rates

Specialist lender ModaMortgages has lowered its buy to let mortgage rates by up to 20 basis points across its entire portfolio.

This adjustment introduces two-year fixed rates starting at 3.39% and five-year fixed rates from 4.89%.

The lender says the move caters to a diverse group of landlords, such as individuals, limited firms and both novice and seasoned portfolio holders.

Options now include loans up to 75% loan-to-value (LTV) with various fee structures.

Boosts affordability for landlords

This rate reduction follows closely on the heels of ModaMortgages recently launching new fee options, including a £0 charge and a 3% fee, alongside existing 2.5% and 5.5% choices for its limited-edition range.

Landlords can also enjoy complimentary valuations on all property types with no application charges, enhancing affordability and flexibility.

Darrell Walker, the group sales director at ModaMortgages, said: “We’re delighted to announce we’re reducing rates by up to 20bps across our buy to let range.

“These reduced rates give brokers even more choice and, when combined with our new product fee options on our limited-edition products, will help widen market access for those looking to invest in a rental property.”

Accord trims its BTL rates

Meanwhile, Accord Mortgages, an intermediary-only provider, has also trimmed its buy to let offerings, reducing fixed-rate products by 0.03% to 0.25%.

The entire BTL fixed-rate line-up has seen a 0.15% decrease.

Notable new offerings include a two-year fix at 4.04% (down from 4.19%) for remortgaging up to 60% LTV, featuring a £3,495 fee, free standard valuation and legal services.

Another option is a two-year rate at 4.39% (previously 4.54%) for remortgaging up to 75% LTV, with a £1,995 fee and similar benefits.

There’s also a five-year fix which now starts at 4.89% (from 5.04%) for up to 80% LTV, including a £995 fee, free valuation and legal support.

Gemma Hyland, Accord’s product manager for mortgages, said: “This is the latest example of how we are responding to every opportunity to pass on additional value to our customers, and we’re delighted to be able to announce these further price drops.”

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