Accord Buy To Let has announced it will be offering mortgages to first time landlords but there are standard conditions that come with the product.
Accord’s standard buy to let lending criteria will apply to new landlords, including a minimum requirement of a 25% deposit and applicants must also own their own residential home and pass credit checks.
The intermediary only lender, which is part of the Yorkshire Building Society, has launched two new low fee purchase mortgages to provide competitive options for landlords starting out.
On offer is a two year fix at 2.69%, or a five year fix at 3.29% for landlords with a 25% deposit. Both options come with a £195 fee, plus £1,000 cashback and free standard valuation. These mortgages are also available to existing landlords looking to expand their portfolio.
‘The buy to let market has presented a number of hurdles for prospective landlords over the past year. However, there is still an appetite among would-be investors so we want to support that part of the market,’ said Chris Maggs, Accord Buy To Let’s commercial manager.
‘We’re committed to helping those who have made a conscious decision to enter the buy to let market. This may not always be the case for some people seeking a let to buy mortgage. Therefore our lending criteria will not permit let to buy applications for first time landlords at this time,’ he explained.
‘Brokers can get in touch with our knowledgeable business development team for further information on first time landlords and for full details on our buy to let proposition,’ he added.
