Buy to let mortgage deals expand as Accord cuts rates

Limited company landlords are being offered more mortgage options, including trackers that allow a move to a fixed rate without an early repayment charge.

That escape route comes with all tracker products from The Mortgage Works, which is expanding its BTL range for new and existing customers.

For new landlord customers, it is introducing two-year trackers at 4.49% with a 2% fee, or 4.99% with a £1,495 fee.

A five-year fix at 5.09% with a 5% fee is also launching, with all three products available up to 75% loan-to-value (LTV) for purchase, remortgage and further advance, and including free valuation.

Limited company mortgage choice

Keir Fraser, lead manager at TMW, said: “By introducing new fixed and tracker products, we’re giving limited company landlords greater choice, whether they are looking for the certainty of a fixed rate or the flexibility of a tracker.

“This is the latest step in our ongoing support for limited company landlords, following our recent move to allow directors and shareholders to have more than one Special Purpose Vehicle financed through The Mortgage Works.”

Existing limited company customers will have access to two new two-year trackers, both available up to 75% LTV.

One charges 4.99% with a £1,495 fee; the other is priced at 5.29% without a fee.

Meanwhile, the lender is reducing its limited company five-year fixed rate by 0.02 percentage points to 5.20%.

That product comes with a 3% fee and free valuation and is available up to 75% LTV.

Scottish buy to let

Landbay is expanding its lending in Scotland, adding 12 Core products for portfolio landlords purchasing or remortgaging standard residential investment properties.

The range offers two- and five-year fixes up to 75% LTV, with automated valuation model (AVM) options and alternatives without AVMs.

Core AVM two-year fixes start at 4.74% with a 5% fee, alongside a 5.74% deal with a 3% fee, while five-year options include 5.64% with a 6% fee and 5.84% with a 5% fee.

Following the launch of its Premier range in Scotland in March, the Core offering accommodates more complex Special Purpose Vehicle company structures and has no portfolio limit.

Landlord mortgage rate cuts

Accord Mortgages is cutting its two-year buy to let rates at 80% LTV by up to 0.12 percentage points and five-year rates by up to 0.09 percentage points, while extending its range’s end dates to February.

Its two-year house purchase fix falls from 5.84% to 5.79%, with the equivalent remortgage rate dropping from 5.89% to 5.77%.

For landlords remortgaging over five years, a fix falls from 5.75% to 5.66%, with all three highlighted deals available at 80% LTV and carrying a £995 fee, £250 cashback and standard valuation.

Accord’s managing director, Jeremy Duncombe, said the reductions would help brokers offer landlord clients more competitive options when buying or remortgaging a buy to let property.

For assistance with any type of buy to let (BTL), property or commercial finance please complete the contact form below: