Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.
Accord and TSB both push rates upward in latest lender round-up
Accord is set to increase rates across its entire residential and buy-to-let (BTL) new business range, effective Thursday, according to Mortgage Solutions. TSB has also raised rates across its residential, BTL, product transfer (PT) and additional borrowing ranges.
Accord: increases across residential and BTL ranges
Within Accord's residential range, rate increases reach up to 40 basis points (bps) on two-, three- and five-year fixes.
In the lender's residential product transfer range, two-year fixed rates will rise by up to 38bps, and all three-year fixes will see a 38bps hike. Five-year PT rates will go up by 30bps across the board, while 10-year rates will rise by 20bps.
Accord's BTL rates have been repriced by as much as 39bps. All two-year BTL fixes will increase by 39bps, three-year fixes by as much as 37bps, and five-year rates by 33bps.
TSB: rises across residential, BTL and PT ranges
TSB's two- and five-year residential rates have risen by 10bps.
On the buy-to-let side, BTL and portfolio BTL deals saw changes to the two- and five-year fixed house purchase and remortgage products up to 75% loan to value (LTV), with upward repricing of 25bps.
TSB's product transfer and additional borrowing rates both increased by between 10 and 15bps.
What this means for letting agents and inventory clerks
Buy-to-let pricing can influence landlord decisions on purchasing, remortgaging and retaining rental properties. Agents working with landlords approaching the end of fixed deals may see increased activity around product transfer decisions, given the repricing across PT ranges at both lenders.
Letting agents and inventory clerks should note that both Accord and TSB have adjusted BTL pricing, with Accord's BTL increases reaching up to 39bps and TSB's BTL and portfolio BTL products up to 75% LTV rising by 25bps. While the direct impact on the rental market is not stated in the source, tracking lender repricing keeps agents aware of the wider lending environment their landlord clients face.
Brokers and intermediaries seeking full product-by-product detail are advised to consult the original Mortgage Solutions round-up.
Source: Mortgage Solutions