Tuesday 07 November 2017 Portfolio landlords who want to buy more property have received a boost with the offer of a free standard valuation and up to
Tuesday 07 November 2017
Portfolio landlords who want to buy more property have received a boost with the offer of a free standard valuation and up to £1,000 cashback on fixed rate purchase mortgages.
Accord is adding the extras to its mortgage range, which includes a two-year fixed rate at 1.99 per cent and a 2.19 per cent three-year fixed rate for landlords with a 40 per cent deposit.
The mortgages have a £950 product fee and come with free standard valuation, and £500 cashback on completion.
Landlords with four or more properties have recently been hit by regulations that make borrowing more difficult.
Chris Maggs, commercial manager at Accord Buy-to-Let, said: “Despite the changes to the buy-to-let market in recent years property investors have not been deterred, and many are still looking to expand their portfolio where they can. That is why we are offering landlords a few additional extras to help manage the upfront costs of buying a new property.
“Our new purchase range includes a choice of over 20 mortgages which offer a cashback boost plus free standard valuation, so there are plenty of options to suit many budgets and circumstances.”
The Prudential Regulation Authority now requires lenders to consider a landlord’s whole portfolio when they apply for a new loan, as well as their income and expenditure.
The changes came on top of stricter affordability tests for buy-to-let lending that came into force on January 1.
Alex Huntley, Head of Operations at Simple Landlords Insurance added: “It’s great to see lenders creating products for modern landlords. We know the people adapting best to all the current changes and challenges are the professional and growing landlords – and new financing options aimed at these investors are crucial to the market.”