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’ve reduced our BTL ICR rates improving your clients affordability
From today, we’ve improved our rental calculation for your landlord clients by reducing our ICR Rates.
What’s changed?
Interest Coverage Ratio Rates (ICR Rates) reductions
For a Purchase or Remortgage with capital raising:
- Product term < 5 years – 5.5% (previously 6.5%) or product rate +2% (whichever is higher)
- Product term >= 5 years – 4.75% (previously 5.5%) or product rate +1% (whichever is higher)
For straight switch Remortgage applications:
- Product term < 5 years – 5.5% (previously 6.0%) or product rate +1% (whichever is higher)
- Product term >= 5 years – 4.75% (previously 5.5%) or product rate +1% (whichever is higher)
Full details of our rental criteria are below:
