Accord Buy to Let has lowered the rates on selected fixed-rate mortgages.
The cuts are being applied to its two- and five-year fixes at 75% LTV, with rates reduced by up to 0.15%.
These repriced mortgages include a fee-free two-year fix at 2.62% and a five-year fix at 2.69%, with a £1,495 fee.
On both these deals, Accord – part of the Yorkshire Building Society – is offering landlords who are remortgaging the option of free valuations and legal fees, or £500 cashback.
This cashback deal is also available to purchasers.
Accord Buy To Let’s commercial manager Chris Maggs commented: “Whilst two-year fixes seem to be the term of choice for many of our customers, five-year deals are growing in popularity, as
landlords look to fix for longer during the uncertain times ahead.
“We wanted to ensure we have a number of offerings available so landlords, with the help of a broker, can weigh up the best way forward for their portfolio.”
Meanwhile, Newcastle Intermediaries has launched a 95% LTV mortgage with £1,000 cashback, available to first-time buyers, Help to Buy customers, home movers and remortgagers.
The two-year fixed rate is available at 4.09% with free valuation, no arrangement fees and 10% overpayments per annum, with an early repayment charge of 2% until the end of July 2019 and 1% until July 2020.
The Newcastle product launch has been timed to coincide with the fifth anniversary of the Help to Buy launch, with the first wave of these customers now due to start paying interest on the equity part of their loan.
The lender has raised concerns that there are few remortgage options for Help to Buy borrowers. The increased cashback, it is hoped, will help cover remortgage legal costs and any redemption fees on the equity loan payable to the Government.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, commented:
“We’re always looking at improvements to our mortgage products that keep pace with the changing needs of first time buyers, remortgage customers and Help to Buy purchasers.”
The hope is that positive take up of the new product will lead to a rolling out of an increased cashback facility over a wider range of Newcastle’s high LTV products.
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