Accord Mortgages launches into buy-to-let
Accord Mortgages, the intermediary lending arm of the Yorkshire Building Society, has launched into the buy-to-let market for the first time.
The lender offers many of the lowest residential rates and will now expand their product range into investment mortgages to manage demand. For a brief trial period applications will be limited to properties in London and the South East, but there are plans to widen the geographical availability later in the year.
Aaron Strutt, a broker at Trinity Financial, says: "Accord will be trying to attract borrowers in a very competitive market as a number of building societies have low rates and low arrangement fees. The best buy-to-let rates are not much more expensive than many residential mortgages as competition to lend has increased considerably over the last few months.
"Trinity Financial can access buy-to-let rates that do not require a minimum income. We're helping a number of our clients to remortgage their property portfolios to generate capital to purchase more property. We have seen an increase in buy-to-let house purchases because of the increase in rents."The Skipton Building Society has launched two market leading fixed rates for investment mortgages starting at 3.24% and Northern Rock is offering £750 cash back on a selected buy-to-let rates.
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