Accord Buy to Let Mortgages
Fair Mortgages Buy to Let Mortgage Service
Special features of what we offer include:
- Whole of market service - we can compare Accord with other buy to let deals from most UK lenders
- Latest deals - Access to leading buy to let market mortgage rates
- Exclusive rates - Access to exclusive buy to let loan deals not available on the high street
- Fast turnaround - speak to us today if you need to move quickly
- Specialist lenders - We have lenders who will consider adverse credit, complex income, unusual properties, lending in retirement, short-term finance.
"The essence of the Fair Mortgages service is professional, independent mortgage and protection, advice brought to you by a team of specialist advisers and experienced administration support."
As your mortgage is such an important transaction, good advice is imperative.
You can call our mortgage broker team or request a callback.
Accord Buy to Let Mortgages
If you are looking for finance to purchase an investment property, an Accord buy to let mortgage might be the right choice for you. Accord Mortgages are a dedicated intermediary only subsidiary of the Yorkshire Building Society, originally set up in 1993.
Accord offer both repayment and interest only products.
The eligibility criteria for an Accord buy to let mortgage includes:
- You must not be a first time buyer or a first time landlord – this means you need to own your own home as well as having owned at least one buy to let for the last 12 months. In the case of joint applications both applicants must own their own home and at least one of the applicants should already possess a buy to let.
- Applicants must at least 25 years old, maximum age restriction of 75 at the end of the mortgage term.
- At least one applicant must have a minimum income of £25,000.
Finding the right buy to let
Taking out a buy to let mortgage is a large financial commitment, it is therefore a good idea to shop around providers to try and find the best product for your specific criteria. Buy to let products are offered by a wide range of providers such as high street lenders and smaller specialist lenders. Consider whether a repayment mortgage or interest only product would be better for your needs.
You may also benefit from using the services of an independent mortgage adviser. An independent adviser, which offers a whole of the market service, can use their expertise to search across the market on your behalf to find the most suitable products for you. There is also a selection of mortgage lenders (including Accord) who can only be accessed via an intermediary such as a mortgage adviser.
Getting a buy to let
If you have not had a buy to let mortgage before, there are some key differences from homeowner mortgages that you should be aware:
Buy to let mortgages tend to offer lower maximum loan to value ratios than home buyer mortgages, commonly requiring borrowers to be able to put down a deposit of at least 25%. However, through the right lender, there are some options available for borrowers with smaller deposits. As with most kinds of finance, the larger the deposit you can afford to put down, the lower your interest rates will be.
Buy to let affordability is calculated on the rental value of the property, rather than on a multiple of an applicant’s annual income.
From 2017, generally lenders require monthly rental yield of the property to be valued at least 145% of what the monthly mortgage payments would be, based upon a professional valuation.
In addition, recent changes to the way the buy to let mortgage market is regulated has forced lenders to apply a stricter stress test. Lenders will now require the applicant to be able to afford to meet mortgage repayments in the event that interest rates increase to 5.5%.
Applicants should also bear in mind that they can no longer spread equity across their property portfolio. Lenders will not provide a mortgage if an applicant has one or more buy to let properties that are not profitable and they will review the applicant's entire portfolio to ensure every property has a positive return, before granting the mortgage.
If you are interested in getting a buy to let mortgage, why not see if Fair Mortgages could help you? Fill in our online contact form to request a free initial consultation from a Fair Mortgages adviser, alternatively you can call us direct.