Accord Buy to Let has launched three new competitive mortgages with zero completion fees with a maximum of 75% loan to value and rates starting from 3.79%. As well as featuring no completion fees, they also offer £500 cashback on completion.
The products are a two year fixed rate at 3.79% with £195 product fee and £500 cashback; a three year fixed rate at 4.09% with £195 product fee and £500 cashback; and a five year fixed rates at 4.69% with £195 product fee and £500 cashback.
‘We have zero completion fees on these new products as well as offering £500 cashback on completion. These new products complement our existing range of buy to let products providing the customer far greater product choice,’ said Chris Maggs, national account manager for Accord Buy to Let.
‘These mortgages should really appeal to those customers who are looking to keep the up front costs of buying a new buy to let property, or remortgaging an existing one, to a minimum,’ he added.
Meanwhile, Virgin Money has also launched a new range of buy to let mortgage products which is available through registered mortgage intermediaries, in Virgin Money Stores and over the telephone, with rates starting from 3.38% for a two year fixed rate product with a £1,995 fee.
Following the fixed or tracker period, all mortgages from the new buy to let product range will revert to the Virgin Money Buy To Let Variable Rate. This revert rate for new buy to let mortgages is currently set at 4.99%.
This change does not affect existing buy to let loans or any residential mortgages, said Peter Rogerson, commercial director for mortgages and savings at Virgin Money.
‘Buy to let is an important segment of the mortgage market, and is becoming increasingly important to Virgin Money. These mortgages have a different risk profile from residential lending which is why many lenders have a separate revert rate from residential loans,’ he explained.
‘We believe this is a sensible approach, and so all our new buy to let mortgages will include this feature. There are no changes for existing customers,’ he added.
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