Lenders take solutions approach to lending, expanding and simplifying mortgage ranges

Accord Mortgages, Together and Interbay Commercial look to address the challenges faced by borrowers by expanding and simplifying their mortgage ranges, and increasing maximum loan amounts.

Accord Mortgages has revised and extended its offset range in a bid to make these type of deals more appealing to customers.

The new range, which it says will give borrowers with different budgets a greater choice of competitive offset options, includes a two-year fixed rate mortgage from 2.02%(5.5%APRC) at 85% LTV with no upfront fee, or a 2.44% at 90% LTV with a £995 product fee.

Three-year fixed rates start at 2.09% up to 85% LTV with a £995 product fee, whereas five-year fixed rates are available from 2.19% at 65% LTV, with a fee-free product on offer at 2.99% at 85% LTV.

Accord has also cut some of its 80%, 85% and 90% LTV rates by up to 0.30%.

A 90% LTV mortgage is now on offer at 1.99% for a two-year fix and a five-year fix is available at 2.76%. Both include a product fee of £995 and free standard valuation and legal fees.

In a bid to address rising property prices, Together has increased its maximum mortgage loan amount to £1m.

Available for purchase, remortgage and right-to-buy, the up-dated loan size is applicable to all deals with an LTV of 50%.

In a statement Pete Ball, chief executive of personal finance at Together explained that its recent customer insight data shows that Together’s main three customer groups are high-income professionals, older working families, and those on the road to retirement; and they may turn to specialist finance providers for a variety of reasons.

“What this goes to show is that the demand for specialist finance is growing and we’re adapting our products to suit a broader demographic, in recognition of that”,

he said.

Interbay Commercial meanwhile has decided to simplify its mortgage range for buy to let and houses of multiple occupation (HMO), through the adoption of a single tier approach to pricing.

This new approach will result in a reduction of up to 0.65% for landlords borrowing less than £500,000.

The will be no change to fees, as the lender retains the 1.2% fee for loans above £1m, and 1.7% below £1m.

Darrell Walker, head of sales, second charge and commercial at Interbay Commercial, said:

“We have a pool of expertise and experience that we have been able to draw upon to ensure that these changes strengthen InterBay’s competitive position and provide a significant price reduction to customers whilst minimising the impact on returns.”




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