Buy to let lenders update offerings and introduce new rates

Leeds Building Society updates mortgage calculators, while Accord Mortgages launches three discount mortgages

Leeds Building Society has launched new versions of its online lending affordability calculator and the monthly repayment calculator. The updated affordability calculator gives a more accurate borrowing range. It also now covers more types of lending, including buy to let, second properties and self-employed lending. 

The firm’s head of intermediary distribution Martese Carton says:

“These latest refinements to both calculators are part of ongoing improvements to make our service as easy and straightforward as possible. 

“We work very hard to be responsive to feedback and have listened to intermediaries’ comments and the types of inquiries we regularly receive, which led to us extending the calculators’ functionality.” 

In another launch, tomorrow Accord Mortgages will unveil a trio of two-year discounted SVR mortgages. The loans are available for house purchase and remortgage. 

At 60% LTV Accord will offer a discounted mortgage at 1.59%, based on an SVR discount of 3.4%. Borrowers with a 20% deposit can get a 1.79% rate, based on an SVR discount of 3.20%. At 90% LTV the lender will be selling a 2.09% product, based on a SVR discount of 2.9%. Each mortgage has a £495 fee and free standard valuation. The new mortgages are portable and have an interest rate collar of 0%. 

The discounted rates apply for the first two years of the mortgage term and will then revert to Accord’s SVR, currently 4.99%. Borrowers can redeem their mortgage at any time during the discounted period for a 1% early repayment charge. 

Accord’s national intermediary sales manager David Robinson says:

“Whilst there was a minimal increase to the Bank rate in November this doesn’t appear to have quashed the appetite for variable rate mortgages. 

“It’s important that brokers reinforce the variable rate message to help their clients factor it into their budget but nonetheless we’re sure our new mortgages will be a welcome addition to our range.”

 

 

 

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