Accord Mortgages is making widespread changes to its buy-to-let mortgage range.

Rates on many of its lower-band LTV products will be increased, however the lender is reducing the cost of some of its recently-launched ERC-free deals. 

For example its ERC-free five year fix at 80 per cent LTV will now have a rate of 3.49 per cent — a 0.5 percentage point reduction, from the previous rate of 3.99 per cent.

The equivalent deal at 75 per cent LTV is being reduced from 2.93 per cent to 2.54 per cent. 

This though will be offset by price increases elsewhere. Fixed rate products in its 60 per cent LTV range (which do have ERCs) will be increased, by up to 0.3 percentage points. Those products in the 65 per LTV range will be increased by 0.29 percentage points, and those at 75 per cent LTV by 0.35 per cent.

All changes are effective from February 4.

Accord buy-to-let mortgage manager Simon Garner says these rate rises were in response to changing market conditions. He adds: “Rates have been increased across the lower LTV ranges, but we’ve been able to reduce some of the ERC-free products to give brokers and their landlord clients better value when choosing a fixed term product that allows penalty-free flexibility, should they need it.”