Accord Mortgages has reduced rates on both its residential and buy-to let (BTL) product ranges.
Effective 8 June, products across a range of loan-to-value (LTV) and product terms have been reduced by up to 0.46%.
Accord has also added new products for borrowers remortgaging with a larger deposit up to 65% LTV, which start from 4.67%.
For landlord clients, effective 5 June, two-year fixed BTL products have been reduced by up to 0.30%, while three-year are down by up to 0.25%.
In addition, five-year fixed rates been reduced by up to 0.22%.
Highlights of the refreshed range for residential borrowers include a two-year fixed rate, which has been reduced from 5.43% to 5.17% for first time buyers up to 90% LTV, which comes with a £495 fee, £500 cashback and free standard valuation.
The cuts also include a two-year fix, which has been lowered from 5.17% to 4.71% for those remortgaging up to 75% LTV, which comes with a £1,495 fee, £500 cashback and free standard valuation and a five-year fix, which is down from 5.00% to 4.69% for house purchasers at 85% LTV, which comes with a £1,495 fee and free standard valuation.
Meanwhile, BTL highlights include a two-year fix, which has been cut from 5.17% to 4.87% for those remortgaging at 60% LTV, which comes with a £995 fee, free standard valuation and remortgage legal service.
In addition, the lender’s five-year fixed rate has been trimmed by 5.09% to 4.87% for remortgages at 75% LTV, which comes with a £3,495 fee, free standard valuation and remortgage legal service and a fee-free two-year fix, down from 5.62% to 5.32% for house purchasers at 75% LTV, which comes with free standard valuation.
Accord mortgage product manager Aidan Smith says: “We’re pleased to take this opportunity to improve the competitiveness of our range across the board, ensuring better value across a wide range of options for brokers and their clients, whether they are looking to buy or remortgage a home or finance a buy-to-let property, these changes provide greater choice.”
Elsewhere, The Mortgage Works has reduced rates by up to 0.22% on selected one-, two- and five-year fixed rate products for new and existing customers, effective 5 June.
The rate cuts will be across the lender’s BTL, let-to-buy, houses in multiple occupation (HMO) and limited company BTL ranges.
The Mortgage Works’ BTL lowered rates include the five-year fixed rate (remortgage only with free valuation and free legals) BTL mortgage, which has been lowered by 0.22% to 4.22% with a 3% fee, available up to 65% LTV.
It has also lowered the price on its five-year fixed rate (existing customer switcher) BTL mortgage by 0.07% to 4.22% with a 3% fee, available up to 65% LTV and the five-year fixed rate (remortgage only with free valuation and free legals) BTL mortgage, which has been cut by 0.20% to 4.69% with a £1,495 fee, available up to 65% LTV.
In addition, the five-year fixed rate (purchase and remortgage with free valuation) limited company BTL has been trimmed by 0.18% to 5.49% with no fee, available up to 75% LTV and two-year fixed rate (existing customer switcher) limited company BTL mortgage, reduced by 0.05% to 5.44% with a £1,495 fee, available up to 75% LTV.
And the two-year fixed rate (existing customer switcher) limited company BTL mortgage, down by 0.05% to 5.94% with no fee, available up to 75% LTV.
The Mortgage Works lead manager Keir Fraser comments: “We are pleased to announce further rate cuts across our mortgage range, our third set of cuts in the past month. They reinforce our commitment to supporting both individual and limited company landlords, ensuring The Mortgage Works continues to offer products and rates that put it at the forefront of landlords’ minds.”
