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  • Mortgages & Finance

    Smart rates for Smart landlords from Accord



    Accord, the broker only lender of the Yorkshire Building Society, have come to the market with some fantastic 5 year fixed rate deals at 60% and 75% LTV.  The newly refreshed range excellent offers options for purchasers and for remortgagers.

    At 60%, 5 year fixed market leading rates can be had from 2.11% with a £1495 arrangement fee; there is £500 cashback and a free basic valuation for both purchasers and remortgagers.  Other options with a £995 arrangement fee come with a slightly higher rate at 2.22%.

    At 75% LTV, 5 year fixed rates start at 2.39% with a £1995 arrangement fee and a free valuation for a remortgage.  Purchases start at 2.52% with a £1495 arrangement fee, free basic valuation and £500 cashback.

    Accord allow a maximum portfolio of 15 properties (10 mortgaged), and a maximum of 3 with Accord, maximum £1,000,000 borrowing.

    Has this range whetted your appetite?  These deals are only available to brokers, so call Property Tribes Financial Services on 01206 654444 or 07751042485.

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    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444

    What lenders class as a portfolio seems to be getting more confusing and many serious landlords have property in their individual name/s, a limited company and possibly holiday lets which has a very different commercial property tax regime.  Can you give any guidelines on what gets included in a portfolio assessment by lenders.


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    Adrian1,

    yes, it can be confusing, especially when lenders have criteria that differs from other lenders, but broadly, they will want to include all investment property either personal or Ltd Co held as part of the portfolio.  The exception being Holiday lets or second homes held for personal use.

    There are one or two lenders who only want to know about personally held property, or just about Ltd Co property, depending on which guise you are applyiing under.


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    __________________________________________________________________

    BTL's, residential mortgages, bridging, life cover and estate planning  

    http://www.hdconsultants.net        

    For Commercial Finance, complex BTL and HMO funding, development finance, international and expat mortgages, and portfolio BTL mortgage services Assured Funding website.

    Telephone: 07751042485      01206 654444


    I have to say i am just confused as Adrian1 i would love to hear about what is cassled as a prortfollio LL.

    I thought it was 3 or more btl's with no more than 65%ltv across all of them ?

    As i plan to buy more when i can but would love for the whole prortfollio ltv clearing up so i know what i need to do.


    thanks 

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    "I thought it was 3 or more btl's with no more than 65%ltv across all of them ?" - if you were a mortgage broker you'd have to deal with this conundrum numerous times every day with the variety of banks and building societies, and their ever-changing criteria!  :-)

    The 'official' line (PRA guidance) is 4 or more BTL mortgaged properties owned across all entities (personal names, joint names, limited company names etc) and this classifies the landlord as a portfolio landlord.  The 65% rule which you allude to is nothing to do with the definition of a portfolio landlord, that is just one of the lending criteria (used by some, not all) of the BTL mortgage lenders when determining their risk appetite.

    And in addition and irrespective of the 4 or more rule .... the banks actually all use their own definition anyway (some align to the PRA rule, some have their own).  Hence the understandable confusion from the landlord community.

    The good news is that, based on your own personal specific status, and requirements, you truly don't need to worry about it too much anyway, because your BTL Broker will be able to confirm which lender you would be eligible for, and from those lenders which mortgage products would provide best value and maximum required flexibility.

    PT Financial Services is a long established BTL brokerage and some of us are landlords too which brings a sympathetic ear to your confusion.  We are experienced and expert, so any specific mortgage and insurance requirements can be arranged with clarity and speedily for you.

    Contact us anytime on 01206 654 444 or advice@ptfs.co.uk 


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