Accord Buy to Let has made changes to its lending offering which will benefit landlords looking to invest in lower value properties.
From today Accord will now accept buy-to-let loans on properties worth £75,000 and above, reducing its minimum property value down from £100,000.
Chris Maggs, Accord’s Buy to Let commercial manager, said: “We’ve taken on board feedback from brokers and we’re pleased to be able to widen our lending proposition.
“These changes will be good news for landlords looking to expand their portfolios, particularly those in the North and Midlands where average property prices are lower in comparison with the rest of the UK.
“The reduction of our minimum property value gives landlords looking to invest in lower value properties access to Accord mortgages, and we still have robust guidelines in place to assure landlords that any new property purchases are suitable buy-to-let investments.”
Accord will now offer buy-to-let mortgages on ex-local authority properties.
Ying Tan (pictured), managing director at The Buy to Let Business, said: “This is welcome news. Buy-to-let is thriving throughout the UK not just in London and the South East.
“With increased emphasis on stress testing and affordability, high yielding properties, which often have lower values, are becoming more attractive. Accord adjusting its criteria to cater for this shows its commitment to the sector and belief in the market.”
Credit: Mortgage Introducer April 29, 2016