Accord Mortgages have released an update on their product range, the details are set out below. Accord products are available through our direct to lender mortgage club so contact us for more information on how our club can support your business.
Accord are increasing rates across their Residential New Business range, and relaunching discounted SVRs for both New Business and product transfers
Applies to: Residential New Business & Product Transfers only
Rates are increasing on Accord’s Residential New Business range, and discounted SVRs are being relaunched for both new business and PT ranges. The current New Business range will be withdrawn at 8pm on 28th June and relaunched at 9am on 29th June. PT discounted SVR products will be relaunched at 8am on 28th June.
What’s changing?
- All New Business fixed rates at 75% LTV – 90% LTV will be increased by 0.50%
- 95% LTV New Business fixed rates will be increased by 0.60%
What else is changing?
- Accord are re-launching our Discounted SVR range for New Business and Product Transfers
- A new product range will be available for both
When is this change?
The current new business range will be withdrawn at 8pm on 28th June and relaunched at 9am on 29th June. The discounted PT SVR products will be relaunched at 8am on Tuesday 28th June.
PRODUCT WITHDRAWAL NOTICE
On Tuesday 28th June 2022 at 5:30pm we will be withdrawing all of our buy to let fixed and variable rate products and replacing them with new products.
Any DIPs on the existing product range will need to be submitted by 5.30pm on Tuesday 28th June, which will secure the product until Tuesday 5th July 2022. The DIP must be converted to a full FMA and submitted before 5.30pm on Tuesday 5th July.
DIPs relating to this existing product range, which have not been converted to FMA and submitted by 5.30pm on Tuesday 5th July will no longer be valid.
Please convert existing DIPs to a full mortgage application and submit it as soon as possible.
Please note that our broker portal will be down from 5:30pm on Tuesday 28th June in order to release our new products, it will be available again from Wednesday morning.
Please contact your packager to submit a DIP
Why use Foundation for your next BTL case?
Who for?
- Experts in individual or limited company applications
- Up to 4 directors & no personal guarantees needed for shareholders
- Limited companies/SPV with complex structures
- Shareholding can include other companies
- Newly formed SPV’s and flexible deposit sources including Intercompany loans
- No min income or employment/self-employment history
- First time landlords considered
- Ex-pats considered as individuals or limited companies
How much?
- Up to 85% LTV & Loans up to 2m (on core range)
- ICR of 125% for limited company borrowers and basic rate taxpayers
- No limit to portfolio size, subject to maximum borrowing of £5m with Foundation
- Portfolio in the background stress tested at 100%
What for?
- HMOs: standard to 6 bedrooms, large up to 8 bedrooms and MUBs: up to 10 units
- Short term lets in personal or SPV structures
- Day 1 remortgages
- Products without ERCs
- Range of Green Products for properties with EPC rating A-C
Accord are launching a new range of Buy to Let New Business 2 Year Discounted Variable Rate products
Applies to: Buy to Let New Business
Accord are launching a new range of 2 Year Discounted Variable Rate products today.
What’s changing?
- The range has been expanded to include Cashback and Remortgage Legal Service options.
- All products come with a Free Valuation.
- Rates start from 2.15%.
When is this change?
The new range is available immediately.
Accord are withdrawing and replacing their current BTL Product Transfer range
Applies to: Buy to Let Product Transfers
Accord’s current Buy to Let Product Transfer range is being withdrawn and replaced at 6pm on 29th June, with new products available at the same time.
What’s changing?
- Accord are withdrawing and replacing the full current product range
- End dates are being extended to 31st October
- Rates are being increased by 0.68%
When is this change?
The new product range will be available from 6pm on 29th June