Accord Mortgages has announced major changes to its range of products, with all existing residential loans being scrapped and replaced by an entirely new slate.
This fresh slate of products comes with lengthier end dates for the loans than those that were offered with the lender’s previous residential mortgages. It also comes with rates that are reduced for a certain number of products at the higher end of the loan-to-value (LTV) scale. Accord has indicated that the average rate level among the core products is being cut by is 0.05%.
The lender has also said that it believes this revised slate of residential loans will provide both mortgage advisors and their customers with greater choice than they had before.
Among the 95% LTV loans now on offer from Accord, the five-year fixed rate mortgage comes with fee of £495 and reduced rate of 3.67%. Accord is also now offering the valuation and remortgaging services at no charge and cashback of £750.
The new 90% and 85% LTV products also come with lower rates – 3.14% and 2.35%, respectively – as well as valuations for free.
Speaking to Financial Reporter, Accord’s Mortgage Manager, Jemma Anderson, said:
“We’re pleased to offer this new range which offers even better value, especially for those with a smaller deposit. We hope that it will appeal to brokers and their clients looking for the best option to suit their individual requirements.”
This will help advisors with CeMAP training secure mortgages for clients with lower deposits.