Accord Mortgages has announced that it is reducing the rates across its entire slate of residential products, with the biggest cuts being to loans targeted at people looking to buy their first home.
The Accord product that has seen its starting rate slashed most dramatically is the fixed five-year loan with LTV of 95% and no fee. The rate for this has been cut by no less than 64 basis points, which means that it will now start at 5.06%. Borrowers can access this loan, which also includes a standard valuation at no cost and cash back of £250, via the deposit unlock scheme.
However, while that is the most striking move the lender has made, it is not the only one. The fixed rate two-year mortgage at LTV of 90% and no fee has seen a 60 basis point reduction in its rate. The starting rate is now 5.61% and the product comes with cash back of £500 and standard valuation free for remortgage clients.
Accord has also cut the rate for its fixed two-year home purchase mortgage to 5.04%, which is a 43 basis points reduction.
Speaking to Mortgage Strategy, Gemma Hyland from Accord stated that:
“Due to changes in market conditions driving falling swap rates, we’re reacting quickly and taking the opportunity to review our product range, to offer brokers and their clients’ better value.”
Mortgage advisors with a CeMAP qualification will be pleased to see falling rates at a time when so many other factors make buying difficult.