Accord Buy To Let increases market share
Announcing its best results to date
Despite recent reports that the buy-to-let mortgage house purchase market is suffering, Accord Buy To Let has announced its best results to date.
The recently released February mortgage figures from UK Finance revealed the buy-to-let house purchase market was nearly eight per cent down year on year, whilst the number of buy to let remortgages was up more than two per cent. UK Finance suggested the buy-to-let house purchase market had continued to contract due to tax and regulatory changes, while buy-to-let remortgaging increased as borrowers moved from fixed rate mortgages and locked into attractive new rates. However, based on the latest market data for completions, Accord has seen its intermediary market share for February increase, bucking the trend against a market which fell from £3.3bn in January to £3bn in February.
Chris Maggs, Senior Commercial Manager at Accord Buy To Let commented:
“There’s no denying the market has experienced a hit since the Government increased regulation in 2016, but as with most changes, following a brief period of adjustment things start to stabilise and that’s definitely visible from our figures.
Our focus for the past 18 months has been purely on supporting brokers and landlords. By responding to feedback we’ve made some significant service improvements such as updating our rental calculator, streamlining the online broker journey and being more flexible with our criteria to ensure we can lend to as many landlords as possible.
We’ve also developed our product offering, ensuring we offer a competitive range of products at all LTV band. There are additional developments on the horizon which will further enhance the experience for both brokers and landlords.”
David Hollingworth, Associate Director Communications at L&C Mortgages added:
“In a testing market for landlords, it’s crucial to have a broad range of products to meet a diverse set of investor requirements and demands. Accord recognises the need for an expansive product range to ensure it has something on offer to suit everyone, whether they are looking for a low fee remortgage product or adding to a growing portfolio.”