HSBC and Accord are cutting rates across their residential ranges.

Accord is slashing rates by up to 0.16%, while HSBC announced a wave of fixed-rate reductions from tomorrow (26 July), up to 90% Loan to Value (LTV).

Accord has also introduced a new product, adding offset options to its Boost LTI range, with rates starting from 5.95%.

The Boost LTI range offers up to 5.5 times loan-to-income (LTI) for those with household earnings of £60,000 or above who need more flexibility around income multiples to achieve their borrowing goals.

Accord says adding an offset option means borrowers will have the option of using their savings to lower their monthly mortgage payments or reduce the term of their mortgage.

Products in the new range include a Boost LTI offset five-year fixed rate up to 75% LTV at 5.95% featuring a £995 product fee, £250 cashback and free standard valuation.

A two-year fix to 75% LTV for remortgagers will be 6.23%, down from 6.39%, with free standard valuation, a £995 product fee and £500 cashback (increased from £250).

Meanwhile, a five-year fix at 95% LTV is now at 6.25% (was 6.65%) which comes with a £495 fee and free standard valuation is available for house purchase.

The intermediary-only lender has also extended product end-dates to November.

Accord mortgage product manager Gemma Hyland says: “We’re so pleased to introduce both more choice and better value to our product range.

“The addition of Boost LTI Offset will provide borrowers with the option to utilise any savings they have set aside to bring down their mortgage payments or reduce their term, something which may be very welcome in the current economic climate.”