Landlords can break free from ERCs with Accords new range of ERC free buy to let new business products
Applies to: Accord BTL New business only – house purchases and remortgage
From 8am Monday 17th January, Accord are launching a range of 5 year fixed rate buy to let new business products with no ERCs, giving landlords flexibility when they want to keep their options open – whether they want to fix their monthly payments while making unlimited overpayments, redeem the mortgage during the initial fixed term period, or transfer to a new product early (subject to meeting product transfer criteria) Accord’s new range gives them the option.
The new ERC free 5-year fixed rate range is available to first-time landlords, existing landlords and portfolio landlords, with rates priced at:
- 2.39% for 65% LTV
- 2.93% for 75% LTV
- 3.99% for 80% LTV
All products come with a fee of £1,995, which can be paid on application or added to the loan and include free standard valuation. Landlords purchasing a property will also benefit from £250 cashback. Those remortgaging can choose either £250 cashback or our Remortgage Legal Service.
What else do you need to know?
- Accord’s rental calculation for products with 5+ year terms will apply to these products.
Great news, we’re increasing our maximum LTV for debt consolidation
Accord now consider lending up to 85% LTV for those of your clients looking for debt consolidation.
Accord are increasing the maximum LTV for debt consolidation to 85% LTV for your clients who are able to meet our higher credit score requirements.
When you submit a DIP, the decision returned will automatically confirm if your client is eligible for 85% LTV for debt consolidation. Where your client is not eligible, but does meet our standard credit score, they will automatically be offered 80% LTV.
What’s staying the same?
There’s no change to the maximum number of debts being consolidated (10) for both secured and unsecured debts and there is still a £50,000 debt consolidation limit for unsecured debt.
- DIP remains as a soft footprint only
- All other lending policy must still be met