Santander has launched a new buy to let tracker mortgage and Accord has cut its buy to let remortgage rates, in a bid to attract landlords and brokers.
As from today, a new 60% loan-to-value (LTV) two-year tracker mortgage at 2.64% (BBR +2.14%)(4.7% APR) will be available from Santander.
The mortgage has a £995 booking fee and is available for purchase and remortgage. With this product, landlords can benefit from either Santander’s Homebuyer Free Valuation or its Remortgage Cashback package. Early repayment charges apply.
Accord Buy to Let, meanwhile, has cut its buy to let remortgage rates by as much as 0.15% on its range of two-year fixed rate 75% LTV mortgages.
The new rates start at 2.34%(5.6% APR) with a £2,495 product fee, rising to 2.89%(5.6% APR) with a £800 product fee.
Free standard legal fees or £300 cashback on completion, as well as a free standard valuation are being offered by the bank as incentives to landlords.
In addition, a discounted reversion rate of 4.04% is available on every mortgage, for three years once the initial fixed rate period ends.
During this time, landlords will not be liable for any early repayment charges and can redeem their mortgage at any time.
After five years the mortgage will revert to Accord’s standard variable rate of 5.79%.
Chris Maggs, buy to let commercial manager at Accord said:
“Not only does our new range offer enticing rates and a choice of incentives, landlords taking out a two or three year product will also benefit at the end of the mortgage term, as they will revert to our discounted reversion rate or have the option of transferring to another attractive product available for existing borrowers.
“We are constantly reviewing our buy-to-let mortgages to offer the best fit for landlords, and we hope that this combination of benefits will really appeal to both landlords and brokers looking for the best option to suit their individual requirements.”
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