Accord Mortgages is cutting rates on its residential new business product range, effective tomorrow.

The range refresh sees reductions of 0.10% applied to all of the intermediary-only lender’s fixed rate mortgage products available for new business, including its £5K deposit mortgage.

Thew new rate means a five-year fixed rate is 0.10% lower at 5.25% for remortgages at 65% LTV, which comes with a £1,495 fee, standard valuation and £500 cashback.

In addition, a fee-free two-year fix is now 5.90%, down from 6.00% for house purchasers at 90% LTV, which comes with £300 cashback and standard valuation.

Also, the fee-free five-year fix is down 0.10% to 6.78% for first time buyers with a £5,000 deposit, which comes with standard valuation.

Accord Mortgages managing director Jeremy Duncombe says: “We’re delighted to be reducing rates across the range, including on our innovative £5K Deposit Mortgage, reaffirming our commitment to providing excellent value and helping brokers to support more aspiring homeowners to achieve their dreams.”