Buy to let lenders refresh product offerings and update application process

Accord Mortgages and Skipton overhaul buy to let products and Leeds Building Society launches a soft credit check

Accord has introduced 17 new mortgage deals as part of an overhaul of its buy-to-let range. 

The lender has reduced rates by up to 0.35% on selected deals, and enhanced its two-year fixed rate range. 

Among the new deals is a two-year fix at 1.64%, available to both purchase and remortgage customers with a 40% deposit. 

However, while it has introduced new 60% LTV deals, it has also withdrawn a number of mortgages at 65% LTV. This includes a couple of two-year fixes at 1.89% (available for both purchase and remortgage). 

The intermediary-only lender says these have been superseded by newer products, including a two-year fix at 1.88% – available up to 75% LTV. 

As well as revamping its fixed-rate range, Accord has also launched new tracker deals with no early repayment charges. 

These includes a two-year tracker at 2.04% (65% LTV), or 2.29% (75% LTV). Both mortgages are available to landlords remortgaging or extending their portfolio. They come with a £950 fee and free valuations.

Accord has also cut upfront fees on selected mortgage deals. 

Skipton Building Society has also trimmed rates across its buy-to-let and five-year fixed-rate residential ranges as part of a product refresh. 

The lender now offers landlords a two-year fixed rate for purchases with a rate of 1.78% at 75% LTV and a five-year fix at 2.5% and 60% LTV. 

Skipton has also launched a range of buy-to-let remortgages offering up to £500 cashback. All landlord products offer free valuations, and select loans also offer standard legal fees. 

At the same time, the lender has reduced rates on a range of five-year residential products, including a 2.65% to 90% LTV for purchases, and a remortgage deal at 2.19% at 85% LTV. 

Meanwhile, Leeds Building Society has announced a switch from hard to soft credit checks for mortgage decisions in principle. 

The move helps borrowers avoid a detrimental credit mark in the provisional stages of their application, as a hard footprint will no longer be left on credit records. 

More lenders have moved to soft credit checks in the early stages of a mortgage application, with Santander making the change at the end of last year while Yorkshire Building Society has promised to switch soon. 

Martese Carton, Leeds Building Society’s head of intermediary distribution, said:

“We’ve made this change to ensure a customer’s credit ratings aren’t affected during the early stages of their application. 

“An applicant can see a search if they request their credit file but our check can’t be seen by other financial services providers and it won’t affect a customer’s ability to get credit elsewhere.”

 

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