Mortgages

Accord introduces buy-to-let retention proc fee

The lender is also expanding the range of products on offer to existing buy-to-let borrowers, with rates starting from 1.99%.

Rozi Jones
|
4th December 2018
Jeremy Duncombe Accord
"We’re delighted to be able to give brokers the option of retaining existing buy-to-let business with Accord and paying a procuration fee of 0.30%."

Accord has announced that it will pay brokers a 0.30% procuration fee for retained buy-to-let mortgage business.

Accord says the retention proc fee will complement the 0.50% it pays brokers for new business.

The lender is also expanding the range of products on offer to existing buy-to-let borrowers, with rates starting from 1.99%.

Highlights of the new range include two-year fixed rates from 2.22% at 60% LTV and 2.34% at 75% LTV, both with no completion fee.

A three-year fixed rate is available at 2.44% up to 65% LTV with a £950 completion fee.

Five-year fixed rates start from 2.69% at 75% LTV with a £950 fee or 2.94% fee-free.

The lender says it will continue to write to customers 90 days prior to the end of their existing mortgage to outline their available options, which includes getting advice from a broker.

Jeremy Duncombe, director of Accord Mortgages, said: “We’re delighted to be able to give brokers the option of retaining existing buy-to-let business with Accord and paying a procuration fee of 0.30%.

“We understand how important it is to offer intermediaries a procuration fee that reflects their efforts to ensure landlords get a new deal best suited to their needs when their current mortgage deal ends.

“Combined with a new range of deals, we hope brokers feel supported with increased product choices they can offer to those refinancing their portfolio.”

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