ACCORD BUY TO LET IMPROVES LENDING LIMITS AND REDUCES FEES
Accord Buy To Let has increased its maximum borrowing limit and overall portfolio size for non-first-time landlords* as well as reduced its standard valuation and homebuyers fees to offer greater support to landlords.
For existing landlords the buy-to-let (BTL) aggregate lending limits have now been increased from £1m to £3m. In addition, the total number of BTL mortgages a borrower can have with the lender has changed from three to five and the total maximum portfolio size has increased from 15 to no limit, although a maximum of 10 still applies for mortgaged properties.
As part of the change, which is effective immediately, standard buy-to-let valuation and homebuyers fees has been reduced in line with Accord’s residential fee structure for greater simplicity.
Nicola Alvarez, corporate account manager – propositions, said:
Supporting landlords throughout the pandemic has been a real priority for us and so we have made the decision to simplify the fee structure by reducing standard valuation and homebuyers fees to align with our residential offering.
We’ve also made changes to our lending limits for established landlords, offering them more flexibility to manage their property portfolios. We hope by increasing the range of options available, we can help support more brokers and their landlord clients.
*For an application to be classed as a first-time landlord, all parties to the new mortgage do not currently own a Buy to Let property or have not owned a BTL for more than 12 months.