Accord is a subsidiary of Yorkshire Building Society which acts as an intermediary only.
This means if you wish you take out a buy to let mortgage with Accord you will need to work through a mortgage broker.
Types of Buy to Let mortgage
There are several different kinds of mortgage you might consider applying for through Accord. Which is appropriate for you will depend on your financial priorities and personal circumstances. Getting the right deal for you can significantly affect the level of return you see on your investment.
Interest only buy to let mortgages – These only require you to pay the interest on your mortgage each month. This keeps your monthly repayments low, but means you have to pay off the capital in full when the mortgage term ends.
Capital and interest mortgages – In exchange for higher monthly payments, you can clear some or all of the capital over the course of the mortgage leaving you with less or nothing to pay when the mortgage ends.
Fixed rate buy to let mortgages – Offer a set rate of interest for the first few years of your mortgage term (usually 2-5 years) making your repayment predictable for an introductory period.
Tracker mortgages – Your interest rate is set at a fixed percentage above the Bank of England Base Rate (or an equivalent) so your interest rate stays in line with inflation.
Lending criteria for Accord Buy to Let mortgages
To qualify for a mortgage through Accord, you must meet the following minimum criteria:
- The property must be located in England or Wales
- Neither you, nor any related person, should have lived in the property previously
Other requirements will apply depending on the particular mortgage product you wish to apply for. Different lenders will have their own lending conditions, with may be a better match for your circumstances, so even if you do not qualify for a mortgage with Accord, you may still be able to access the finance you need elsewhere.
Interest rates on Accord Buy to Let mortgages
How much interest you pay each month on your buy to let mortgage will depend on various factors.
These include how much you want to borrow and how long for. One of the most critical influences is what percentage of the property’s value you need to borrow, which is known as your loan to value ratio or LTV. Mortgages with a higher LTV will usually attract higher interest rates.
Generally lenders will require the monthly rental income to exceed your interest payments, so it is important to bear this in mind when working out how much you can afford to borrow.
Compare Buy to Let mortgage rates
If you want to find out more about your options for buy to let finance, including where to get the best rates, our free mortgage calculator can help. Simply follow the link and choose “Buy to Let” in the “Reason for mortgage” field to see top deals from across the industry.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your buy to let mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
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Mortgages Direct provides an independent mortgage quotes and advice service. When you submit this form you will be contacted by a regulated mortgage adviser to discuss your options.
