Accord lowers ICR for buy-to-let remortgages

The lender’s new ICR rates for brokers whose landlord clients wish to do a like-for-like remortgage are:

• 125% at a stressed rate of 4.50% for basic and zero rate taxpayers, applicable to all products,
• 140% at a stressed rate of 4.50% for higher and additional rate taxpayers choosing less than five-year product,
• 145% at a stressed rate of 4.00% for higher and additional rate taxpayers choosing a five-year or longer product.

All the lender’s other ICR/ICRR rates remain unchanged.

Nicola Alvarez, senior manager for new propositions at Accord Mortgages, said: “We’re committed to evolving our buy-to-let offering to give brokers and their clients more choice. Reducing our ICR/ICRR for like-for-like remortgaging landlords to enhance affordability and potentially be able to lend more to, further demonstrates this.

“It’s the latest positive change we’ve made to our buy-to-let systems, processes and criteria that places us firmly as a buy-to-let lender, not just a lender that does buy-to-let.”