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.
We are reducing selected fixed rates across our Buy to Let New Business range
We are reducing selected fixed rates across our BTL New Business product range.
What’s changing ?
Reduced rates
- Selected 60% LTV fixed rates reducing by up to 0.13%
- Selected 65% LTV fixed rates reducing by up to 0.18%
- Selected 75% LTV fixed rates reducing by up to 0.24%
Any other changes ?
- There are no other changes.
When is this change?
- The current product range will be withdrawn at 8pm on Saturday 1st April.
- New products will be available at 8am on Monday 3rd April.
GOOD NEWS! WE’RE REDUCING OUR BTL ICR RATES
Applies to: Buy to Let New Business
From Wednesday 5 April we’re changing our rental calculation requirements for your Landlord clients by reducing our ICR Rates.
What’s changing?
Interest Coverage Ratio Rates (ICR Rates) reductions
Where your client is capital raising:
- Product term < 5 years – 6.5% (previously 7.5%) or product rate +2% (whichever is higher)
- Product term >= 5 years – 5.5% (previously 6.5%) or product rate +1% (whichever is higher).
For straight switch Remortgage applications:
- Product term < 5 years – 6.0% (previously 6.5%) or product rate +1% (whichever is higher)
- Product term >= 5 years – 5.5% (previously 6.5%) or product rate +1% (whichever is higher).
Full details of our rental criteria are below:
We recommend you continue to use the rental calculator on the Accord website to determine the maximum borrowing based on our available products before you submit a DIP.
For any FMAs submitted before 8pm on 4 April, ICR Rates at the time of submission will apply. If you have an existing application that would benefit from the new rental criteria, please contact your BDM for help.