Accord Buy To Let is giving remortgaging landlords an extra £250 cashback when they complete on selected mortgages.
From Friday 19 May landlords who opt for 65% and 75% loan-to-value (LTV) fixed rate mortgages from the intermediary-only lender will receive up to £550 cashback once their mortgage completes.
All 65% and 75% LTV remortgage options include the additional cashback of £250 on top of existing incentives.
For example, a landlord who takes out a 2.34% two-year fixed rate with a 35% deposit, with no product fee, would receive the free standard valuation and £300 cashback on completion plus the extra £250 cash back.
Chris Maggs (pictured), Accord’s buy-to-let commercial manager, said: “In 2017 the market has seen a considerable shift from purchase to remortgage transactions. The changes impacting landlords’ personal taxation and the stamp duty land tax surcharge on second properties has slowed purchase activity with landlords focusing on re-financing to make their portfolios work for them. Our latest range of products aims to provide landlords with a helping hand when managing their portfolios.
“Our rental affordability calculator enables a considerable number of landlords to use 135% interest coverage ratio (ICR) which we believe remains one of the most attractive ICR’s currently available, which again supports the landlord in achieving the borrowing they may require.
“Along with the £250 cashback boost we have also removed the product fee on a number of two-year remortgage loans, which we hope help minimise the upfront costs of remortgaging a property.
“We constantly review our mortgages to offer the best fit for landlords, and we hope that this combination of benefits will really appeal to brokers and their clients looking for the best option to suit their individual buy-to-let requirements.”
In addition, Accord is launching new products at 75% LTV and also reducing rates on existing three-year options by up to 0.23%.
A 2.46% three-year fix is available to remortgaging landlords with a 35% deposit which comes with a £1,995 product fee plus free standard valuation, free legal fees and £250 cashback on completion.
While landlords looking to expand their portfolio can opt for a 2.78% three-year fix purchase mortgage at 75% LTV, with a £450 product fee and £300 cashback on completion.