Accord is to drop its new business rates tomorrow by up to 25 basis points and Mpowered has also cut rates.

At Accord, the rate reductions tomorrow follow cuts to rates in its product transfer range which took effect today.

The lender is making the following changes to residential new business deals in its latest reprice:

• 75% LTV fixed rates will be reduced by up to 25bps
• 80% LTV fixed rates will be reduced by up to 20bps
• 85% LTV fixed rates will be reduced by up to 20bps
• 90% LTV fixed rates will be reduced by up to 20bps

MPowered says it reduced rates on two, three and five-year fixed rates between 60% and 80% LTV yesterday.

Five-year fixed rates now start from 4.14% at 60% LTV with a £999 fee for new purchase customers.

Buy-to-let lenders Keystone, BM Solutions and Landbay have all announced rate cuts tomorrow and Aldermore has launched new products.