Accord, Coventry BS and Foundation cut BTL rates – round-up
Accord Mortgages has cut rates in its buy-to-let (BTL) range by 0.08%.
Accord Mortgages’ cuts apply on all five-year fixes up to 75% loan to value (LTV). The new rates come into effect on 9 July.
Jeremy Duncombe, managing director for Accord Mortgages, said: “We’re so pleased to take this opportunity to improve the competitiveness of our buy-to-let range, ensuring we continue to deliver exceptional value wherever possible to our brokers and their landlord clients”.
Its five-year fixed rate has been reduced from 4.95% to 4.87% at 75% LTV, which comes with a £995 fee and standard valuation.
Accord Mortgages’ five-year fixed rate is down to 4.9% from 4.98% for remortgages at 75% LTV, and it comes with a £995 fee, standard valuation and remortgage legal service.
Its five-year fix is at 4.71%, down from 4.79%, for house purchases at 60% LTV, with a £995 fee and standard valuation.
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There are no changes to two- or three-year rates.
Coventry for Intermediaries makes rate reductions
Coventry for Intermediaries’ reductions are part of wider changes across all its owner-occupier, BTL and limited company ranges.
Its limited company BTL Energy Performance Certificate (EPC) 5.29% five-year fixed rate at 75% LTV with no fee has been reduced by 11 basis points (bps) to 5.18%.
Coventry for Intermediaries’ BTL purchase five-year fixed rate at 75% LTV with no fee has been cut by 8bps to 4.9%.
Jonathon Stinton, head of intermediary relationships at Coventry Building Society, said: “In a competitive market, these reductions will help give brokers and their BTL clients greater choice. And because we’re applying reductions to some of our limited company products, there are better options available to professional landlords too.”
Foundation lowers BTL rates by up to 0.25%
The lender said the changes underline its commitment to offering competitive specialist solutions for a broad spectrum of borrower circumstances, property types and portfolio requirements.
The changes include the majority of standard house in multiple occupation (HMO) rates, which have been reduced by up to 0.25%. All multi-unit freehold block (MUFB) rates have been reduced by up to 0.25%. Plus, all short-term and holiday let rates have gone down by up to 0.2%.
Selected F1 BTL standard products have been reduced by up to 0.25%, including ERC3 and remortgage-only options.
As well as these rate reductions, Foundation has reduced its minimum BTL property value to £70,000. For properties valued between £70,000 and £75,000, the maximum available LTV is 75%.
Grant Hendry, director of sales at Foundation, commented: “This significant buy-to-let refresh reflects our determination to provide brokers with both greater choice and stronger pricing across a wide range of landlord scenarios.
“We have reduced rates across almost the entire buy-to-let range. Combined with reducing our minimum buy-to-let property value to £70,000, these changes provide brokers with more ways to support their landlord clients.
“Several products now sit in highly competitive positions within the market, including products that are at or near the top of the sourcing tables in their respective categories.
“As a specialist lender, our focus remains on responding quickly to market opportunities and ensuring advisers have access to solutions that meet the diverse needs of today’s landlords, whether they are purchasing, remortgaging, expanding portfolios or investing in more specialist property types.”
