Accord lowers ICR for buy-to-let remortgages
Accord Mortgages has improved the interest coverage ratio (ICR) and interest coverage reference rate (ICRR) for landlords remortgaging where no additional capital is being raised.
"We’re committed to evolving our buy-to-let offering to give brokers and their clients more choice."
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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
This week's biggest stories:
FCA
FCA bans and fines financial adviser more than £740,000
In The Spotlight
'Turbulence in the mainstream market creates opportunities in the specialist space': Josh Knight, Glenhawk
Housing Market
Almost half of home sellers hit by broken property chains
Regulation
FCA bans and fines trio behind £35.5m investment scheme
CHL Mortgages
CHL enhances bridging range with AVMs and enhanced adverse credit criteria
Housing Market
July housing transactions dip 2% amid 'cautious market': HMRC
