Investors seeking funding to invest in lower value properties are now being offered access to Accord mortgages after the firm reduced its minimum property value requirements.
The intermediary-only lender, which is part of the Yorkshire Building Society Group, will now accept buy-to-let loans on properties worth £75,000 and above, reducing its minimum property value down from £100,000, while the company's tough guidelines will remain in place to assure landlords that any new property purchases are suitable buy-to-let investments.
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.”
In addition, Accord will now offer buy-to-let mortgages on ex-local authority properties, which are generally popular with landlords seeking higher rental yields.
Ying Tan, managing director at the buy-to-let firm, 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.”