August 24th, 2016
After the recent base rate cut Accord Mortgages has reduced Buy-to-Let rates across its fixed rate products.
Accord, The intermediary arm of the Yorkshire Building Society, has reduced fixed rates by 0.3% – outdoing the recent 0.25% base rate cut.
Accord has also released fresh new remortgage options on 3 and 5 year fixed interest rates.
Chris Maggs, Accord’s Buy-to-Let commercial manager, said: “We always try to offer brokers and landlords a range of options and good, long-term value for money.
“Landlords are looking for security during this time of uncertainty, and we have reduced rates across our entire fixed range to ensure we are offering competitive options to suit all circumstances.
“We also hope the added incentives, such as cashback on completion and free standard valuations, will prove popular with brokers and landlords looking to get the most from a mortgage.”
“Some lenders are saying they would put a bottom on what the rate would be – I don’t expect all lenders to move and change rates. Accord has been able to secure finance at a lower rate and pass it on to its customers.”
1. Representative Example – A mortgage of £311,000 payable over 25 years, initially on a fixed rate of 1.79% until 30/11/2018, then on a discounted variable rate of 4.04% for 3 years and then on a variable rate of 5.79% for the remaining 20 years would require 25 payments of £1,286.62 then 36 payments of £1,618.97 followed by 239 payments of £1,874.37. The total amount payable with a repayment mortgage would be £4540,250.35 made up of the loan amount plus interest. The overall cost for comparison is 4.79% APRC representative. This example assumes the £800 arrangement fee and £130 application fee are paid upfront. 2. Representative Example – A mortgage of £311,000 payable over 25 years, initially on a fixed rate of 2.24% until 30/11/2018, then on a discounted variable rate of 4.04% for 3 years and then on a variable rate of 5.79% for the remaining 20 years would require 25 payments of £1,354.83 then 36 payments of £1,625.35 followed by 239 payments of £1,881.76. The total amount payable with a repayment mortgage would be £544,876.49 made up of the loan amount plus interest. The overall cost for comparison is 4.90% APRC representative. This example assumes the £1,845 arrangement fee and £130 application fee are paid upfront.Article by: Bradley George, Senior Protection Consultant at Contractor Mortgages Made Easy
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