Accord's recent adjustment to buy-to-let (BTL) product transfer rates has prompted concern among brokers, particularly regarding the absence of a product-switching option. Brokers contend that this puts those who have accepted but not completed in an inequitable position when compared to residential borrowers.

The lender has reduced its 2-year product rates by up to 0.45%, 3-year rates by up to 0.40%, and 5-year rates by up to 0.40%.

Brokers, expressing their reservations to Newspage, suggest that this development underscores a divergence in Accord's approach between residential and BTL borrowers.

Before the inception of the Mortgage Charter in 2023, both residential and BTL borrowers were unable to switch to a new product post-acceptance. The provision allowing residential customers to switch rates until completion, however, does not extend to the buy-to-let sector.

Accord Mortgages clarified its stance, noting, "Product switching on our residential product transfer ranges was introduced as part of the Mortgage Charter in 2023. However, the Mortgage Charter applies only to residential customers. There have been no changes to our policy for buy-to-let customers."