Accord Buy To Let has announced it is refreshing its entire range to provide a more streamlined product offering for brokers and their landlord clients.
As of 8am on Thursday 29 October, the lender revealed that its number of products will reduce from 57 to 27, covering LTVs from 65% to 80% across two and five-year fixed rates for both purchase and remortgages. Accord’s end dates are also being extended until 31 March 2021.
The intermediary lender has announced it is also simplifying its interest coverage ratio (ICR) and interest coverage ratio rate (ICRR) thresholds, in a move that includes removing the separate ICRs for leasehold and freehold properties.
The new thresholds will come into effect from 8am on Friday 30 October and Accord added that pipeline cases will not be impacted by the changes.
“As part of our ongoing review of the range, we are reducing the number of products and updating rates and incentive packages to ensure we remain aligned to current market conditions,” said Accord corporate account manager – propositions, Nicola Alvarez.
“Whether clients are new or established landlords, are purchasing or remortgaging, there are now a focused range of options to meet their needs.
“We’ve also used the refresh as an opportunity to simplify our rental calculations, which we hope will make the application process as easy as possible for brokers and their client, whilst still ensuring landlords are able to cover all the costs associated with managing a rental property.”
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